US: Soybeans, corn, and wheat fell after long weekend

Soybeans were sharply lower on fund and technical selling, along with a drop in crude oil. The trade was expecting the USDA to report solid planting progress in the weekly crop update. As of Sunday, 83% of U.S. soybeans are planted, compared to the five-year average of 65%, with 56% of the crop emerged, compared to 40% on average. Forecasts for the eastern and central Midwest this week are generally warm and dry, which could cause some early stress. Still, it is too early to get too concerned about damage, it’s more likely this will help set up a good growing year, if rain this summer is timely, which could be a big if for some areas. Soybean meal and oil fell sharply on the prospects of a record U.S. crop following a record Brazil crop. Bean oil had additional pressure from the drop in crude, which fell on concerns about the debt ceiling deal. Soybean export inspections were short of a quarter million tons, but the pace remains ahead of what’s needed to meet USDA projections. ...