USA: Soybeans, corn and wheat drop to end of the week

Soybeans were sharply lower on profit taking and technical selling, also ending the week lower. Near-term forecasts continue to look hot and dry in parts of the region, but the extended outlook is questionable. Other key growing areas are expected to see more favorable conditions, with most seasonal rainfall and less worrisome temperatures. Either way, there’s a long way to go until harvest. Any yield loss would tighten the new crop balance sheet and could make up, at least partially, for the slower new crop export demand, with China continuing to source most of their soybeans from Brazil. Soybean meal was mixed, mostly weak, on bull spreading, while soybean oil fell sharply fund liquidation, despite the bullish domestic crush margins.Corn was lower on profit taking and technical selling, pulling contracts to a lower weekly finish. Corn is watching the weather with an uncertain chance of more mild conditions in some areas by mid-August. Still, most of the crop will be past the ...