Soybeans, corn, wheat drop, watching weather

Soybeans were sharply lower on fund and technical selling. Near-term forecasts have less heat, but there’s still not much of a chance of rain in many areas. The USDA says 94% of U.S. soybeans are planted, compared to the five-year average of 93%, with 83% emerged, compared to 84% on average, and 68% of the crop rated good to excellent, down 2% on the week. A new COVID breakout in China is leading to concerns of more lockdowns.

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