Soybeans were higher on commercial and technical buying. Unknown destinations bought 138,000 tons of combined old and new crop U.S. beans and China picked up 120,000 tons of new crop. Out of the purchase by unknown, 18,000 tons is for 2012/13 delivery and 120,000 tons is for 2013/14. Fundamentally, the near term supply remains tight and there are continued shipping delays out of major ports in Brazil, from both rain delaying loading and labor issues. Soybean meal was up on spillover from beans and oil was mixed in consolidation trade.

Corn was mixed on old crop/new crop spread adjustments, with nearbys up on commercial buying and deferreds down on speculative selling. The trade does expect good planting progress on Monday, but there has been rain in some already very wet areas and there’s more in the forecast in some key growing areas. In any event, those numbers are out Monday at 4 PM Eastern/3 PM Central. Ethanol futures were higher. South Korea’s Corn Processing Industry Association bought 45,000 tons of food grade corn from South Africa.

The wheat was lower fund and technical selling. There was no new buying interest for the winter wheat pits, despite domestic and international weather concerns. Losses in Minneapolis were limited by the slow spring planting pace and good demand for high protein wheat. European wheat was lower on recent rainfall in the Black Sea region and Australia. In sell-buy-sell export activity, Japan is tendering for 37,000 tons of food wheat, 2,000 tons of malting barley, and 1,000 tons of food barley.

Soybeans were higher on commercial and technical buying. The nearby supply remains tight and shipments out of Brazil continue to be slow due to rain delaying loading, along with labor issues. Weekly export sales were within estimates with another strong week for shipments. Bean meal sales topped pre-report estimates and USDA reported a net cancellation on soybean oil. Soybean meal and oil were higher, following beans, with oil getting additional support from the firm cash basis.

Corn was lower on fund and technical selling. Rain coverage around the Midwest has generally been light, allowing for solid planting progress in many areas. There’s more rain in the forecast but amounts could be less than originally expected. Ethanol futures were mostly lower. South Korea’s Corn Processing Industry Association bought 55,000 tons of food grade corn from Brazil, bringing purchases of corn and wheat by South Korean feed and flour mills over the past 10 days to more than 600,000 tons.

The wheat complex was lower on technical and fund selling. Weekly export numbers were pretty much neutral to bearish with nothing really outstanding and no fresh news. However, you would think weather would be a bigger factor with dry conditions for the hard red winter crop and more rain ahead for the Northern Plains. European wheat was lower on spillover from Chicago. Bangladesh bought 50,000 tons of wheat from India and in sell-buy-sell trade, Japan is tendering for 120,000 tons of feed wheat and 200,000 tons of feed barley.

Soybeans were lower on fund and technical selling. However, the nearby supply remains tight and although they have eased, there are still shipping delays out of some of Brazil’s largest ports. Dow Jones Newswires reports Brazil’s Congress is debating a proposal to expand and modernize ports, with unions opposed as it would potentially increase the number of non-union workers. The National Oilseed Processors Association’s April member crush was 120.113 million bushels, down on the month and below pre-report estimates due to that tight near term domestic supply. China’s showing continued interest in new crop U.S. soybeans, buying another 171,000 tons Wednesday. Soybean meal and oil were lower on spillover from beans. USDA’s weekly export sales report is out Thursday at 8:30 AM Eastern/7:30 AM Central. Soybeans are placed at 200,000 to 600,000 tons, meal is seen at 25,000 to 150,000 tons, and oil is pegged at 0 to 15,000 tons.

Corn was lower on fund and technical selling. Most of the Midwest should see good planting progress over the next couple of days ahead of more rain around the region. The nearby supply remains tight, so tight in fact, that purchasers from Asia have made the unusual move of buying from South Africa with Taiwan and Japan both noted as buyers. Ethanol futures were lower. Weekly U.S. corn export sales are expected to be between 200,000 and 550,000 tons.

The wheat complex was lower on fund and technical selling, along with spillover from the dollar. Spring wheat planting conditions have improved thanks to drier weather and warmer soil temperatures, and parts of South Dakota are getting rain. Still, there are a lot of worries about hard red winter condition and some increasing global weather concerns, especially for the Black Sea region and Australia. European wheat was flat, watching weather factors. South Korean flour mills bought 70,000 tons of Australian wheat, Indonesia picked up 45,000 tons of spring wheat from Canada, and DTN states Middle Eastern millers purchased 30,000 tons of Indian wheat. Customs data from the United Kingdom shows March wheat exports at 32,947 tons, down 78% on the month and the lowest for March in more than a decade. France’s Agrimer projects 2012/13 soft wheat production at 35.642 million tons, compared to 33.977 million in 2011/12. Weekly U.S. wheat sales are estimated at 200,000 to 500,000 tons.