Soybean futures on the Chicago Board of Trade (CBOT) closed lower on Monday, retreating from a four-week high. Traders attributed the decline to profit-taking activities and market expectations that U.S. planting acreage will exceed previous forecasts, which exerted downward pressure.

One trader noted that rainfall in the U.S. Midwest could delay corn planting, potentially leading some farmers to allocate more acreage to soybeans instead.

The trader also mentioned that concerns over a sharp increase in fertilizer prices, essential for corn cultivation, have intensified following U.S. President Trump's announcement that American forces have begun blocking vessels departing from Iranian ports. This development may further incentivize farmers to shift planting area toward soybeans.

The CBOT May soybean contract (SK26) fell by 13-1/2 cents, settling at $11.62-1/4 per bushel after reaching a high of $11.83-3/4 earlier in the session—its highest level since March 16.

May soybean oil (BOK26) dropped 0.59 cents to close at 66.50 cents per pound.

In contrast, May soybean meal (SMK26) edged up 0.1 dollars, finishing at $331.90 per short ton, marking its highest point since November 18.

Corn futures ended nearly unchanged as traders monitored U.S. planting weather and escalating tensions related to Iran.

The CBOT May corn contract (CK26) declined by 3/4 cent to settle at $4.40-1/4 per bushel. On the previous trading day, the contract had fallen to $4.38, its lowest level since February 25.