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Down day for soybeans, corn, wheat ahead of USDA reports

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Soybeans were lower on profit taking and technical selling. Beans gave back part of Monday’s gains, waiting for Thursday’s USDA numbers. The USDA’s Prospective Plantings report, Quarterly Grain Stocks, and weekly export sales numbers are all out on the 28th. Soybean meal and oil were also down on profit taking, with oil kicking off the pressure due profit taking in palm oil. Brazil’s basis is moving higher as their harvest nears the 75% mark, but remains below the U.S., limiting export demand.

Down day for soybeans, corn, wheat ahead of USDA reports