Big drops for corn, soybean, and wheat futures

Soybeans were sharply lower on fund and technical selling. Beans followed soybean products, with meal down on the drop in China’s domestic prices and bean oil seeing spillover from crude oil. That drop in China’s domestic meal prices was linked to rising domestic supplies, while that decline in soybean oil is not only tied to crude oil, but also the recent losses in global vegetable oils. There are also uncertainties about overall demand from China due to concerns about COVID lockdowns.

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