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Corn, soybeans give back some recent gains

Soybeans were lower on profit taking and technical selling. At 53% as of Sunday, U.S. planting is a little ahead of usual and emergence is a little bit behind the normal pace. It is worth noting, the number isn’t a true reflection of the USDA’s March 31st prospective planting estimate, but a measure of how much producers when surveyed currently intend to plant and doesn’t take into account what will need to be replanted. Also, palm oil futures were lower heading into Tuesday’s session. Unknown destinations bought 126,000 tons of old crop U.S. beans. Soybean meal and oil followed beans lower.

Corn was lower on profit taking and technical selling. 84% of corn is planted, slightly slower than normal, but more than what some analysts were expecting. The number’s also pretty impressive when taking into account last week’s rain, but again, the weekly planting update isn’t a true reflection of where planting is compared to the last official USDA guess. It also doesn’t take into account replanting needs. There’s still a lot of talk about corn losing some acres to soybeans this year with crop insurance deadlines looming in some key U.S. growing areas. Crop condition ratings start next week. Ethanol futures were lower.

The wheat complex was lower on profit taking and technical selling, along with the higher dollar. The USDA’s winter wheat condition rating improved this week, when many were expecting at least some decline, and development is ahead of the typical pace. Spring planting and emergence are ahead of average, despite wet, cold conditions in parts of the northern Plains. Next week’s USDA numbers are all moved back a day because of Memorial Day. Japan is tendering for 117,800 tons of food wheat from the U.S. and Australia and South Korea is in the market for 63,000 tons of feed wheat.

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