Soybeans were sharply lower on commercial and speculative selling, along with spillover from the outside markets. The dollar was higher with the Dow, gold, and crude oil sharply lower, continuing to respond to global economic concerns. Past that – there’s talk of China cancelling soybean purchases and the trade’s watching weather. Soybean meal was mostly lower and bean oil was down, following beans.

Corn was higher on commercial and technical buying. Corn’s keeping an eye on weather but given the faster than normal development, yields in some areas may already be below the early projections. In any event, near term commercial demand is neutral, edging towards bullish. Ethanol was modestly higher.

The wheat complex was lower on commercial and technical selling, along with spillover from the outside markets, especially the dollar. Wheat’s also keeping an eye on weather with some rain expected in dry parts of the Black Sea region and eastern Australia. However, while the pattern for the Northern Plains is favorable, the Southern Plains should remain hot and dry over the near term. Ukraine’s Ag Ministry reports 99% of the spring grain crop is planted as of Monday. According to Dow Jones Newswires, South Korea may buy 550,000 tons of feed wheat for October-December arrival but note price is a bigger factor now than in previous months, with feed grade wheat back at a premium to corn.

Soybeans were lower on commercial and speculative selling, along with the higher dollar and lower crude oil. There was no fresh supportive news and the weekly crop progress numbers were bearish. Both planting and development are ahead of average and there’s at least some rain in the forecast for parts of the Cornbelt in the coming days. Soybean meal and oil were lower, following beans. Celeres, via Dow Jones Newswires, expects Brazilian farmers to increase soybean acreage slightly, projecting the 2012/13 crop at 79.2 million tons, while Agroconsult sees a larger planted area increase, with the crop at 80 million tons, as both expect improved weather. Harvest is near completion on the 2011/12 crop with the total expected to be around 65 million tons.

Corn was lower on speculative and commercial selling, in addition to the outside market direction. A lot like beans, corn was looking at a lack of fresh news and faster than normal planting and development. Also a lot like beans, corn’s continuing to keep an eye on weather conditions around the U.S. Midwest. Ethanol futures were lower.

The wheat complex was lower on commercial and speculative selling, along with the higher dollar. Very similar to corn and soybeans, wheat had no real fresh news and the crop numbers are ahead of average. That said – also keep an eye on wheat weather, both here and abroad, especially the Black Sea region and eastern Australia. There’s some rain in the forecast for all of those areas but there’s also uncertainty about totals and overall coverage. European wheat was down on those chances for rainfall and the lower U.S. trade. Via Dow Jones Newswires, FC Stone Europe pegs Ukraine’s crop at 12 million tons and their low end estimate for Russia is 52 million tons. Australia’s Bureau of Statistics reports wheat stocks at the end of April were 18.92 million tons, down 11% on the month but up 9.3% on the year. 69% of the total is food grade. Japan issued a tender for 152,846 tons of milling wheat (57,255 tons U.S. dark northern spring, 48,786 tons Canadian western red spring, 28,458 tons U.S. hard red winter, and 18,347 tons U.S. western white).