US: Soybeans and corn are down ahead of USDA and CONAB numbers

Soybeans were lower on fund and technical selling. There has been better than expected rain in Argentina this week, with more in the forecast over the next couple of weeks. If the rainfall meets or exceeds expectations, that should help limit further declines in condition ratings during key stages of development. Brazil’s harvest is ongoing, as is their control of the export market, which should be reflected in the weekly U.S. sales numbers out Thursday morning. Estimates for Brazil crop have drifted lower since the initial projections because of weather issues, but it’s still expected to be a relatively large crop and should allow Brazil to maintain that control over the export market for the next few months. Soybean meal futures were lower, pressured by that rain in Argentina, the world’s leading exporter of soybean products. Soybean oil was higher, supported by demand expectations tied to biofuels.Corn was modestly lower on fund and technical selling. Corn is watching ...