Wheat drops as corn, soybeans lose gains late

Soybeans were modestly lower on profit taking and technical selling, adding to the week’s losses. The fundamentals are bullish, but crush margins have narrowed and there was spillover from crude and soybean oils. July did manage to hold above $17 and the old crop/new crop spreads continue to reflect that bullish supply and demand situation. The trade is monitoring U.S. weather for the very tail end of planting and early development. The USDA’s next round of crop progress and condition numbers is out Tuesday at 4 Eastern/3 Central.

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