United States: Soybeans, corn mixed, still up on the week

Soybeans were mostly lower on profit taking and technical selling, but finished the week firm to higher, with the best gains in deferred contracts. Beans generally gave back some of the gains that followed the USDA’s lower than expected acreage estimate and decline in quarterly stocks Wednesday. Weekly export numbers were bearish, China was the leading purchaser, with a big cancellation by unknown destinations, but shipments remain ahead of the expected pace for the 2020/21 marketing year. U.S. export demand has slowed down, while sales from Brazil are rising as their harvest advances and prices decline. Soybean meal was down on profit taking, while oil was mixed, mostly firm, on spread adjustments. The USDA says February’s soybean crush was lower than expected at 164 million bushels, a drop of 33 million from January and 11 million less than February 2020.Corn was mixed, mostly modestly higher, adjusting spreads, ending the holiday-shortened weekly firm to higher. Corn ...