US: Soybeans and corn down with wheat mostly lower

Soybeans were lower on fund and technical selling. Soybeans were down on liquidation, along with losses in products, despite the good demand, tight supplies, and bullish crush margins. Forecasts have more rain in dry parts of central and northern Brazil starting later this week. That’s in contrast to the continued excessively wet conditions in southern Brazil. Those planting delays in Brazil have pulled some private production estimates below 160 million tons. CONAB’s updated outlook for Brazil is out on the 7th, with the USDA’s new supply, demand, and production numbers on the 8th. China bought 136,000 tons of 2023/24 U.S. soybeans ahead of the open. China has bumped up its demand for U.S. beans, but Brazil is still shipping aggressively, causing U.S. sales to run behind the 2022/23 pace by a significant margin.Corn was lower on profit taking and technical selling. Corn’s watching weather in South America, with Brazil’s first crop nearly planted and mostly favorable conditions in ...