Soybeans were mixed with nearbys up on commercial buying and deferreds down on speculative selling. The old crop supply remains very tight and with the corn planting delays, there’s a good chance of at least some increase in U.S. soybean acreage. According to the USDA, 24% of soybeans have been planted as of Sunday, compared to 71% a year ago and the five year average of 42%, with 3% emerged, compared to 32% last year and 14% on average. Also, traders are watching weather in Brazil; drier weather will help with the loading of ships, but there are still labor issues at major ports. Soybean meal was mixed with old crop up and new crop down, while soybean oil was lower. Dow Jones Newswires reports Vietnam bought 120,000 tons of 2013/14 U.S. soybean meal.

Corn was mixed ahead of the weekly crop progress report. There was some good planting progress last week, matching a week to week record set in 1992, but this week’s starting out with more rain in some key growing areas. USDA reports 71% of corn is planted, compared to 95% last year and 79% on average, while 19% has emerged, compared to 73% a year ago and 46% on average. Ethanol futures were mostly lower. Unknown destinations bought 120,000 tons of 2013/14 U.S. corn.

The wheat complex was higher on technical and speculative buying. Weekend rainfall in the hard red winter region missed a lot of the drier areas and there are more spring planting delays. For winter wheat, USDA states 43% has headed, compared to 80% a year ago and 62% on average, with of the crop rated 31% good to excellent, down 1% on the week, and for spring wheat, 67% is planted, compared to 98% last year and 76% on average, with 22% emerged, compared to 82% a year ago and 49% on average. European wheat was lower due to recent rainfall in China’s Northern Plain. Russia’s Ag Ministry reports spring grain planting is 11.5% behind last year due to increasing weather problems.

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.