CBOT soybeans fall on wet weather, export competition

Chicago Board of Trade soybean futures eased on Friday, pressured by continued competition from cheaper South American supplies and the potential of planting delays in the U.S. Midwest ahead of wet weather forecasts, analysts said.

• Argentina's soybean harvest continues to progress and plentiful supplies from South America make U.S. soy less competitive globally.

• Soybean futures also faced pressure from a strengthening U.S. dollar DXY, bolstered in part by U.S. inflation data that showed no signs of easing. A stronger dollar also can make U.S. soy less competitive globally.

• CBOT July soybean futures (SN24) settled 2-1/2 cents lower, at $11.77-1/4 per bushel.

• But for the week, the most-active soybean contract on a continuous chart ZS1! settled up 14-3/4 cents, or 0.99% higher - marking its first weekly advance since the week of March 11.

• CBOT July soyoil (BON24) settled up 0.11 cent at 45.54 cents per pound, while CBOT July soymeal (SMN24) finished down $2.90 at $344.70 per short ton.

• Brazilian soy exports will reach 13.48 million metric tons in April, down from 13.74 million metric tons forecast the previous week, grain exporters group Anec said.

• Showers beginning in the U.S. Midwest on Friday and lasting throughout the weekend may delay spring soybean planting there, while rain in Brazil may slow its late soybean harvest, analysts said.