US soybeans are firmly ahead of the weekly forecast

Soybean prices were higher due to commercial and technical buying, with most forecasts predicting rain in dry areas. The USDA reported that 57% of U.S. soybeans are in good to excellent condition, a decrease of 3% from the previous week. Barcharts projects U.S. production at 4.4 billion bushels with an average yield of 51 bushels per acre. Unknown destinations bought 132,000 tons of new crop U.S. soybeans, likely for delivery to China. Corn prices were mixed, adjusting spreads, and are being watched for changes in U.S. condition ratings. The U.S. winter wheat harvest is nearing completion, and trade expectations are for good spring harvest progress. Export inspections were down on the week and the year, with China and Japan as the top recipients. Wheat condition concerns are present in the U.S., Russia, Canada, and parts of Europe, and export inspections were also down for wheat. The Philippines is tendering for 280,000 tons of feed wheat, Jordan is looking for 120,000 tons of milling wheat, and Algeria is seeking an unspecified amount of optional origin milling wheat.