Soybeans were lower on profit taking and technical selling, unable to hold onto the session’s early gains. Forecasts are mixed this week, with the potential for rain in some dry portions of the Midwest. The trade was also getting ready for the first national soybean condition rating of the season. The USDA says 91% of U.S. soybeans are planted, compared to the five-year average of 76%, and 74% has emerged, compared to 56% on average. The first rating of the season for soybeans has 62% of the crop in good to excellent condition, with no comparison for a year ago. Soybean meal was higher and bean oil was lower on the adjustment of product spreads. Export inspections were bearish, reflecting the hold Brazil has over the market, with the numbers down on the week and the year. The top destinations were Germany and Mexico.
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Corn was lower on profit taking and technical selling. Corn is watching the weather with a chance for rain and cooler temperatures in parts of the region starting midweek. As of Sunday, 64% of U.S. corn is in good to excellent condition, down 5% on the week due to the recent hot, dry weather in the central and eastern Midwest. 96% of the crop is planted, compared to the usual rate of 91%, and 85% has emerged, compared to 77% on average. Export inspections were below a week ago and a year ago, primarily to China and Mexico. Brazil’s second crop harvest is underway, which is expected to further limit export demand for U.S. corn. CONAB’s updated outlook for Brazil’s crops is out June 13th.The wheat complex was higher on fund and technical buying. The USDA will have an updated winter wheat production guess Friday, along with new supply and demand numbers. For winter wheat, 36% of the crop is in good to excellent shape, 2% above a week ago, with 82% of the crop headed, compared to 81% ...
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