Global: Collapse continues for corn, soybeans, wheat

Soybeans were lower on fund and technical selling, ending the week mixed, with nearby months up and deferred contracts down. Some forecasts had a better chance of rain in parts of the Midwest, but likely not enough to break drought conditions. Still, the critical month for soybeans is August, so there is time, with El Nino conditions expected to fully emerge later this summer. Contracts were lower for the second day in a row, but also closed above the session’s lows for the second day in a row due to the uncertainties about this year’s production. Soybean meal sales were sharply lower on follow-through selling, while bean oil was sharply higher on product spread trade and demand expectations. Weekly old crop soybean export sales were quite a bit larger than average, with Taiwan and Mexico topping the list, with routine new crop sales, also mainly to Mexico and Taiwan. Brazil continues to dominate the global market. The Buenos Aires Grain Exchange left its 2022/23 soybean ...