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Soybeans, wheat drop to start July

Soybeans were sharply lower on fund and technical selling, pushing contracts to a lower weekly finish. The USDA’s stocks and acreage numbers were nominally bullish, but not enough to sustain a rally Thursday, with rain in many near-term forecasts. There have been no deliveries against July soybean or soybean product contracts. Soybean products also dropped on the bearishness in beans, even as crush margins remain solid. The USDA says 181 million bushels of soybeans were crushed during May 2022, unchanged from April and up 7 million from May 2021.

Soybeans, wheat drop to start July

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