CBOT soybean futures continued to decline on Wednesday, with the main contract July contract closing at 1199.25 cents per bushel, down 11 cents. Market pressure primarily stems from: first, falling crude oil prices dragging on soybean oil and soybean futures; second, generally favorable weather conditions in the U.S. Midwest growing region, with USDA data showing U.S. soybean planting progress reaching 67% for the week ending May 17, higher than market expectations of 66% and the year-ago level, with emergence rates also advancing steadily and early crop conditions looking favorable; third, the Brazilian Vegetable Oils Industry Association (Abiove) forecasting a record Brazilian soybean crop of 180.13 million tonnes in 2026, with ending stocks rising to their highest level in nine years, as continued supply pressure from South America weighs on market sentiment.