Supported by optimistic U.S. soybean export demand, CBOT soybean futures continued to fluctuate higher on Tuesday, with soybean meal posting gains while soybean oil closed lower. According to the Crop Progress report released by the USDA, as of the week ending June 14, the U.S. soybean planting rate reached 95%, with the emergence rate at 88%, compared to 83% and 82% for the same period last year and the five-year average, respectively. The U.S. soybean good-to-excellent rating stood at 66%, unchanged from a year earlier. A favorable start to the U.S. soybean season has bolstered production outlook. Meanwhile, Brazil has completed its full soybean harvest, and the market is currently in a phase of absorbing the record-breaking Brazilian production. With expectations of a bumper U.S. crop compounded by bumper South American supplies, the broadly loose global soybean supply picture serves as the underlying driver behind the recent downward shift in U.S. soybean price levels.