Wheat continues to wilt, with corn, soybeans also down

Soybeans were lower on fund and technical selling. Early follow-through support was stifled by broader market pressure ahead of a Federal Reserve announcement on interest rates. That also pressured soybean meal. Soybean oil was mixed, adjusting spreads. 19% of soybeans are planted, ahead of average, even with delays in some areas. Forecasts for most of this week in much of the region are generally favorable. Beans are also monitoring the tail end of this year’s harvest in Brazil ahead of CONAB’s next round of numbers on the 11th and the updated USDA supply and demand outlook on the 12th.

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