Soybeans, corn lower, expecting better planting weather

Soybeans were sharply lower on fund and technical selling and, overall, losing ground for the week. Most forecasts had improved planting weather in much of the U.S. in the coming week. Soybean products were mostly lower and crush margins have tightened a little recently but remain in positive territory. The trade is also monitoring the spread of COVID in China and lockdowns delaying unloading of ships. The USDA’s attaché for Malaysia estimates 2022/23 palm oil production at 19.5 million tons, which would be up from 2021/22.

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