US: Wheat up on oversold signals, lower dollar

Soybeans were lower on fund and technical selling. Conditions in Brazil mostly look good and a recent drier weather pattern has helped push harvest past 50%. Conversely. Argentina’s crop remains in very poor shape, with the potential for further production projection reductions in the coming weeks. There’s some expectation that record crop in Brazil won’t be enough to fully make up for those losses in Argentina, which could exacerbate what’s could be a tight global vegetable oils situation in the second half of the year. There was also spillover from soybean products and crude oil, which all also saw liquidation. Soybean export inspections were below a year ago but remain ahead of the pace needed to meet USDA projections for the current marketing year. Last week’s top destinations were Mexico and Germany. The 2022/23 marketing year is just over the halfway point. The USDA’s next round of supply and demand estimates is out April 11th.Corn was mostly lower. Contracts are oversold, ...