Soybeans were modestly higher on technical buying and spillover corn, wheat and from the outside markets. The dollar was lower while the Dow, gold and crude oil were higher. Past that – the crop condition rating was down on the week and contracts were oversold after the recent losses. Still, some analysts do expect an increase in planted area Thursday morning; the average guess is for a slight increase, but 13 of the 20 estimates quoted by Dow Jones Newswires have a decrease and total acreage is seen falling below 2010. Soybean meal was lower on product spread trade and a lack of cash support. Bean oil was up on that spreading and spillover from crude oil. Taiwan issued a tender for 12,000 tons of U.S. soybeans and Egypt is taking bids on 25,000 tons of U.S. bean oil. China’s Ministry of Commerce estimates June soybean imports at 5,385,494 tons, that’d be up 18% from May, and pegs July purchases at 4,785,933 tons. The Ministry sees June bean oil at 136,610 tons and meal at 620 tons, with July buys projected at 155,000 tons for oil and 1,400 tons for meal.

Corn was sharply higher on fund buying, short covering and outside market direction. The corn condition rating also had a week to week decline and the pit was due for a bounce. Planted area estimates are out Thursday with traders expecting acreage to be down from March’s guess but up from 2010. Planted acreage estimates along with quarterly stocks are out June 30 at 7:30 AM Central. A Cargill executive was quoted by the Financial Times as saying there could be 2.5 million acres lost to flooding alone this year, and late planting would also be a big factor. Ethanol futures were higher. South Korea’s Korea Feed Association bought 55,000 tons of optional origin corn at $339.99 per ton, and Taiwan is tendering for 23,000 tons of U.S. corn.

The wheat complex was sharply higher on technical buying, short covering and spillover from the outside markets. Spring and winter wheat condition ratings were down on the week and there’s at least some spring wheat that just won’t get planted this year, including a potential record in North Dakota. Durum acreage should also be down from the most recent estimate and 2010, while the total planted area is seen as down from March 31 but up from 2010. Wheat’s also oversold and due for a bounce after Chicago’s recent move to eleven month lows. European wheat was sharply higher as those traders get ready for the USDA numbers, picking up additional support from oversold indicators and dry weather in key areas of Western Europe. Japan bought 15,000 tons of food wheat in a sell-buy-sell tender, with Tokyo’s Ministry of Agriculture, Forestry and Fisheries not likely to issue another outright tender this month, according to Dow Jones Newswires.