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Drop in wheat pulls corn, soybeans lower

Soybeans were sharply lower on fund and technical selling, in addition to the bearishness in soybean meal, corn, and wheat. The trade was watching U.S. weather, expecting another week of mixed planting progress. The USDA says 66% of soybeans are planted, compared to the five-year average of 67%, with 39% emerged, compared to 43% on average. Contracts are overbought and soybean products dropped on liquidation, but the overall fundamentals remain solid. Crush margins have dipped recently but remain in positive territory.

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