Soybeans extend losses

Soybeans were sharply lower on fund and technical selling. Beans followed the lead of vegetable oils, with bean oil dropping on talk of lower biodiesel demand following the recent sharply lower trend in crude oil. Soybean meal finished mixed on bull spreading. The U.S. crop is nearly planted and the USDA’s condition rating was down 2% on the week, but still in relatively good condition. The USDA’s planted area totals are out June 30th and next round of supply, demand, and production estimates is scheduled for July 12th.

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