Soybeans were sharply lower on fund liquidation and spillover from the outside markets. The dollar was higher with the Dow, gold, and crude oil sharply lower on continued concerns over Europe’s economic health. According to the Ag Department, 46% of soybeans are planted as of Sunday, compared to 17% a year ago and 24% for the five year average, with 16% of the crop emerged, compared to 3% a year ago and 5% on average. China’s National Grain and Oils Information Center projects May soybean imports at 5.63 million tons, a little less than initial expectations, but still up from April. Soybean meal and oil were lower, following soybeans. Celeres, via Dow Jones Newswires, reports Brazil’s 2011/12 soybean harvest is essentially wrapped up as of last week. The National Oilseed Processors Association’s monthly update shows April’s member crush at 131.708 million bushels, compared to 140.534 million in March and 121.330 million during April 2011.

Corn was mixed, with July 2012 through May 2013 steady to firm ahead of the weekly crop progress numbers. Commercial demand remains solid and the trade’s talking about more interest from China. Dow Jones Newswires reports that interior cash basis levels have weakened over the past few days as farmer selling increases. USDA reports 87% of the U.S. crop has been planted, compared to 56% a year ago and 66% on average, and 56% has emerged, compared to 16% a year ago and 28% on average. Ethanol futures were mostly lower.

The wheat complex was mixed on the uneven corn, higher dollar, and technical buying. The fundamentals are bearish and there was no fresh news but after the recent losses, contracts are oversold. For the winter wheat crop, USDA states 72% has headed, compared to 50% a year ago and 46% on average and 60% of the crop is in good to excellent condition, down 3% on the week, while for spring wheat, 94% is planted, compared to 33% a year ago and 64% on average with 68% emerged, compared to 10% a year ago and 32% on average. European wheat was lower on outside market pressure and improved rainfall in Ukraine. Ethiopia is tendering for 35,000 tons of optional origin milling wheat.

Soybeans were sharply lower on fund and technical liquidation. That said – the near term fundamentals remain bullish with unknown destinations buying 139,500 tons of old crop U.S. beans ahead of the open. Still, with liquidation in full force and bearish trade in the outside markets, beans sold off hard. Soybean meal and oil were down sharply, following the lead of soybeans.

Corn was lower on fund and technical selling, along with spillover from beans and the outsides. Thursday’s USDA numbers were a continued bearish factor with the Ag Department expecting a record U.S. crop. Commercial demand did limit losses. Ahead of the open, unknown bought 60,000 tons of old crop U.S. corn along with 240,000 tons of new crop. Ethanol futures were lower.

The wheat complex was mostly lower on technical and commercial selling, along with spillover from corn, beans, and the outsides. The overall fundamentals remain bearish, especially on the global supply side of the balance sheet. In any event, there was no fresh supportive news. May Minneapolis was the only contract to finish in positive territory.

Soybeans were higher on commercial and fund buying. Ahead of the open, USDA made a bigger than expected cut to old crop ending stocks and the new crop was smaller than expected. USDA sees new crop exports at 1.51 billion bushels, up around 200 million on the year, and China’s expected to buy more than 60 million tons. Soybean meal and oil were higher, following the lead of beans. Brazil’s CONAB projects 2011/12 soybeans at 66.7 million tons, up on the month but down 11.5% on the year. China’s General Administration of Customs reports April soybean imports were 4.88 million tons, up 1% from March and 26% larger than April 2011, with year to date purchases at 18.15 million tons, 22.3% above this time last year. China’s National Grain and Oils Information Center expects May soybean imports to be 5.7 million tons.

Corn was lower on fund and commercial selling. USDA actually increased old crop ending stocks, reducing the feed use guess, and new crop was above estimates. That new crop guess is largely tied to the good planting progress and expectations for a yield of 166 bushels per acre and an all-time high for production. Ethanol futures were lower. According to CONAB, 2011/12 Brazilian corn production should be a record 65.9 million tons with the summer crop at 35.7 million and winter crop at 30.2 million tons. Ukraine’s Ag Ministry reports corn exports as of May 8 are 11.34 million tons.

The wheat complex was mixed in consolidation trade. USDA raised the winter wheat production estimate to 1.69 billion bushels, up 13% on the year with hard red winter up 32% and soft red down 6%. Still, the Ag Department lowered old crop ending stocks and new crop stocks were smaller than expected. Japan bought 151,416 tons of milling wheat (63,936 tons Canadian western red spring, 36,780 tons Australian standard white, 25,630 tons U.S. dark northern spring, 14,760 tons U.S. hard red winter, and 10,130 tons U.S. western white) and Taiwan bought 48,700 tons of U.S. milling wheat (30,100 tons dark northern spring and 18,600 tons hard red winter). Jordan issued a tender for 100,000 tons of wheat. According to Ukraine’s Ag Ministry, wheat sales are 4.48 million tons, up 39.2% on the year, with 2.59 million tons milling quality and 1.89 million tons feed wheat.