USA: Wheat up, corn and soybeans mixed ahead of USDA reports

Soybeans were mixed on bull spreading. Unknown destinations bought 124,000 tons of 2022/23 U.S. soybeans, the second day in a row with an announced sale, and soybean meal was up from the recent lows. There’s a chance for improved rainfall in Argentina and southern Brazil later this month, while conditions in the rest of Brazil, for now, are nearly ideal. There was also position squaring ahead of the slew of reports out Thursday, including CONAB’s updated outlook for Brazil’s crops and the USDA’s weekly export sales numbers. Soybean oil was up on oversold signals and solid demand, while bean oil was down on profit taking. ANEC expects Brazil to export 2 million tons of soybeans in January, with a large portion of that to China.Corn was mixed, adjusting spreads. Corn is watching weather in South America, with potential improvements in rain possibly too late for Argentina. The big test for South America will be how Brazil’s second crop performs. That crop isn’t planted until soybeans ...