Wheat, corn up as soybeans drift mostly lower

Soybeans were mostly lower on spread trade. Contracts were up early but were pulled lower by spillover from soybean meal, which dropped on profit taking and technical selling. Soybean oil did finish mostly higher, adjusting spreads. The USDA says 50% of this year’s soybean crop has been planted, compared to the five-year average of 55%, with 21% emerged, compared to 26% on average. Most near-term forecasts have more planting delaying rain in some areas and Egypt bought 130,000 tons of old crop U.S.

…