Corn holds on as wheat falls, soybeans turn mixed

Soybeans were mostly lower on bull spreading. Contracts were up early on an oversold bounce, but mostly unable to follow through, with bean meal also selling off. Bean meal was down on talk China is cutting soybean meal use, profit taking, and spread adjustments with soybean oil. That spread trade and the higher crude oil supported bean oil. Export demand has slowed due to Brazil’s record crop and U.S. planting weather looks mostly favorable. Parts of the eastern and central Midwest could see a drier pattern into mid-June, potentially causing some stress, but portions of the southern Plains will see at least some rain.

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