USA: Soybeans and corn find some support

Soybeans were higher on short covering and technical buying. Crop weather looks mixed, but the trade is expecting conditions to balance out for a large U.S. crop. There is a generally cooler, but mostly drier, forecast on tap for parts of the region this week. The USDA says 68% of the crop is in good to excellent shape, up 1%, with 86% of the crop blooming and 59% at the pod setting stage, both ahead of the respective five-year averages. There is rain to start the week in some northern areas, while some eastern growing areas are expected to see heavy rainfall connected to Tropical Storm Debby making landfall. Soybean export inspections were down on the week and the year, remaining slower than what’s needed to meet projections for 2023/24. The leading destinations were Mexico and Indonesia, with just a token amount leaving U.S. ports for China. New crop demand has been slow, but the recent sales to China are somewhat encouraging, even if Beijing is still buying soybeans from Brazil ...