Global: Soybeans bounce, wheat falls

Soybeans were modestly higher on short covering and technical buying, oversold and due for a bounce after the recent losses. Argentina should be hot and dry for the next few days, with rain by this weekend, but coverage and expected amounts are uncertain. Brazil’s harvest is moving forward, with new projections from CONAB and USDA out Thursday. Soybean products both rallied on oversold signals, which helped out that bounce in beans. Soybean export inspections were a multi-week high at more than 1.4 million tons and up on the week, but down on the year. The top destinations were China and Germany. The overall pace is slower than what’s needed to meet the USDA’s 2023/24 guess because of Brazil’s dominance.Corn was narrowly mixed, consolidating after a lower start to the session. Corn is watching development weather in Argentina and the second crop planting pace for Brazil. Mexico bought 155,000 tons of U.S. corn for delivery this marketing year, continuing to show up for U.S. corn ...