Wheat, corn extend sell-off

Soybeans were modestly higher on commercial and technical buying. Contracts are oversold, crush margins are in positive territory, and soybean oil was higher following crude oil. Soybean meal was down on the adjustment of product spreads. U.S. planting made a solid advance in the past week, now just 1% behind the five-year average pace. China bought 132,000 tons of U.S. beans, half for this marketing year, half for next. The USDA says 181 million bushels of soybeans were crushed in April, down 12 million from March, but up 11 million from April 2021.

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