Wheat drops, pulling corn lower

Soybeans were mixed on spread trade and profit taking. Beans consolidated, monitoring conditions in South America, soybean product demand, and global vegetable oils. There was no USDA soybean export sale announcement for the first time this month, but unknown destinations did buy 20,000 tons of 2021/22 U.S. soybean oil. That could be linked to the slowdown in exports from the Black Sea region, both Russia and Ukraine are significant exporters of sunflower oil, in addition to Indonesia’s decision to further curb palm oil exports.

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