CBOT soybean futures (July contract) settled at 1185.50, down 11.75 cents per bushel. CBOT soybean futures closed lower, mainly due to favorable weather conditions in the U.S. Midwest, which benefit soybean planting and early growth, reinforcing expectations of a bumper harvest. As of the week ending May 24, U.S. soybean planting progress reached 79%, slightly below market expectations of 82%, but still higher than 75% a year earlier and the five-year average of 68%. Additionally, commodity funds continued to reduce their net long positions in soybeans, adding to technical selling pressure. At the same time, Argentina announced it will gradually lower its agricultural export taxes, which over the long term will enhance South American export competitiveness, creating potential pressure on U.S. soybeans. In the short term, the market will continue to focus on the details of U.S.-China trade policy implementation and U.S. soybean growing conditions.