Soybeans were lower on profit taking and pre-weekend position squaring with markets closed Monday for Memorial Day. There was no real fresh news and the trade expects at least some increase in planted area due to corn planting delays. Losses were limited by a firm close for crude oil, the higher move in corn and the tight nearby supply. Soybean meal was lower and bean oil was weak on spillover from beans and profit taking. Ontario’s Ministry of Agriculture, Food and Rural Affairs reports 10% to 12% of soybeans have been planted, behind average due to wet conditions in many areas. China Grain Reserves Corp states Beijing intends to sell 2.12 million tons of soybeans from state reserves to five domestic crushers. China National Grain and Oil Information Center lowered its 2010/11 soybean import estimate to 53 million tons, down 1 million from their last guess with 2011/12 imports pegged at 57 million tons. Soybean oil imports for the current marketing year are seen at 1.6 million tons with meal at 300,000 tons, while imports for the next marketing year are pegged at 1.8 million and 200,000 tons, respectively.

Corn was higher on technical and commercial buying. The trade continues to react to the slow planting pace and expectations for at least some decrease in acreage. There’s a drier pattern in the forecast for some areas in the coming week but the trade has taking a wait and see attitude recently. Still, even with continued crop issues, traders are concerned about demand around current price levels. Ethanol futures were higher. According to the Ontario Ministry of Agriculture, Food and Rural Affairs, 70% to 75% on corn has been planted but out of the total, only 20% is planted in heavy soils and other drier areas.

The wheat complex was mixed ahead of the long holiday weekend. Minneapolis continues to watch the weather on expectations for smaller planted area due to widespread planting delays in the Northern Plains. Kansas City and Chicago were pretty much just consolidating ahead of the weekend but do have weather issues of their own. European wheat was lower on rainfall in some dry areas of France and Germany along with profit taking. Ukraine’s Weather Center expects the 2011 grain harvest to be around 43 million to 44 million tons and Ukrainian traders, via Dow Jones Newswires, report contacts have been signed on new crop wheat export with “several” cargoes selling at or near $325 per ton. Those traders add Ukraine may be able to fill Pakistan’s role in exporting lower quality wheat to Asia and Africa.