United States: Soybeans up, corn down, new lows in wheat

Soybeans were higher on short covering and technical buying. High heat during the first part of the week in some areas could have an impact on yields. Parts of the region are expected to see a return to less stressful temperatures later this week. For now, the USDA and a recent private crop tour are projecting record production. The USDA says 67% of U.S. soybeans are rated good to excellent, down 1%, with 89% at the pod setting stage and 6% dropping leaves, both ahead of the respective five-year averages. Soybean meal was up on commercial support and bullish crush margins. Soybean oil followed the leads of crude and palm oils. The recent strength in palm oil has been tied to talk Indonesia will move to a higher biodiesel blend rate, while crude oil was up Monday on rising tensions in the Middle East. U.S. soybean export inspections were higher than both last week and last year, continuing to coast into the end of the 2023/24 marketing year. The top destinations were Mexico and ...