US: Soybeans and corn down on expected better weather

Soybeans were sharply lower on fund and technical selling but finishing above the session lows. Most medium-term weather outlooks have good rain coverage in much of the region, easing some of the anticipated stress from the current weather pattern in some key growing areas. That’s expected to start either late this week or early next week. The USDA says 62% of U.S. soybeans are rated good to excellent, down 5% on the week and 10% on the year, with 94% of the crop planted, compared to the five-year average of 88%, and 86% emerged, compared to 74% on average. Global vegetable oils have moved sharply lower recently and Brazil continues to dominate soybean exports. Soybean meal and oil were sharply lower Monday on the generally bearish tone in grains and oilseeds. Ahead of the session, palm oil and canola futures were lower. There’s also uncertainty about biofuels mandate policies under the Biden administration. Soybean export inspections were down on the week and the year, but the ...