Soybeans were mixed on old crop/new crop spread trade with markets and USDA closed Monday for Memorial Day. Old crop supplies remain extremely tight but the cash basis has been moving lower recently, pressuring July, and there’s increasing talk of the U.S. importing soybeans from South America. Brazil’s ports are seeing improved loading and shipping times, and it looks like potential labor issues in Argentina have been put to rest for now. Past that – the trade’s keeping an eye on soil moisture levels and planting conditions as we get closer to June. Soybean meal was mixed on old crop/new crop spreads and bean oil was lower on fund selling.

Corn was mixed on old crop/new crop spread adjustments. Planting conditions look good across most of the Cornbelt and it’ll be very interesting to see how much progress is made when the numbers come out on Tuesday. In any event, the trade’s expecting a big crop but the supply remains tight and demand looks good, especially from the domestic side of the ledger. Ethanol futures were lower. Taiwan’s Maize Industry Procurement Association bought 60,000 tons of corn from Brazil.

The wheat complex was lower on fund and technical selling. There’s more rain in the forecast for parts of the Southern Plains, but the region is in need of a lot more precipitation than what is in the outlook. China purchased 180,000 tons of new crop U.S. soft red winter and South Korea bought 114,000 tons of optional origin feed wheat. Also, Tunisia picked up 75,000 tons of optional origin milling wheat and Israel purchased 30,000 tons of fed wheat. European wheat was lower on spillover from Chicago.

Soybeans were mostly firm on commercial and technical buying. The nearby supply remains tight and the weekly export numbers were bullish, coming at more than a million tons, with China buying another 115,000 tons of new crop Thursday morning. However, the cash basis has been down over the past few days due to increased farmer selling and planting conditions look good thanks to improved moisture levels. Soybean meal was mostly firm on commercial demand and bean oil was slightly higher on the overall tone of the soybean complex.

Corn was up modestly on commercial and technical buying. Even with more rain in the forecast for some areas of the Cornbelt, the prospects for this year’s crop have improved greatly in the last few days. In any event, near term supplies remain tight and the cash basis remains at historically high levels for this time of year. Ethanol futures were mostly firm, the exceptions being nearby June and July. Strategie Grains projects 2013/14 corn production for current European Union members at 64.5 million tons, down 100,000 from their most recent projection. Croatia joins the European Union in July.

The wheat complex was higher on short covering and technical buying. There’s some rain in the forecast for parts of the hard red winter region, but a lot more is needed across most of the area. Spring wheat planting and emergence remain slower than normal with more rain expected in North Dakota this weekend. European wheat was modestly higher on world weather concerns but gains were limited by higher trade in the euro. Strategie Grains estimates 2013/14 soft wheat production for the 27 current European Union nations at 129.8 million tons, down 200,000 from the last guess on smaller acreage in Germany and France; with Croatia, the estimate is 130.9 million tons. Algeria purchased 400,000 tons of optional origin milling wheat after tendering for 50,000 tons. Japan picked up 122,222 tons of milling wheat (31,955 tons Australian standard white, 25,261 tons U.S. western white, 22,396 tons U.S. dark northern spring, 22,370 tons Canadian western red spring, and 20,240 tons U.S. hard red winter), while in sell-buy-sell activity, Tokyo bought 24,700 tons of feed wheat and tendered for another 120,000 tons.

Soybeans were mixed with July up on commercial buying and the other months down on technical and speculative selling. The near term supply remains tight and there’s market chatter about shipping delays out of Argentina. However, even if planting is slower than average, the trade does expect a large U.S. crop this year. Soybean meal was mixed on the same factors as beans, while oil was up on technical buying. Consulting firm Safras & Mercado projects 2012/13 Brazilian production at 82.3 million tons, down slightly from their April guess but up more than 20% from the 2011/12 total.

Corn was mixed in consolidation trade. Old crop was down on increased farmer selling and softer cash basis triggered by the record matching week to week increase in planted area. New crop was steady to firm on an oversold bounce and concerns about wet weather in some key growing areas, but in general, the trade seems a lot less worried about a large acreage shift. Ethanol futures were lower.

The wheat complex was mostly lower with Chicago and Kansas City down on fund and technical selling, along with the higher dollar. Even with another decline in the winter condition rating, the trade’s focusing on the large available world supply. Minneapolis was up on the slow spring planting pace and slow emergence. Russia’s Ag Ministry reports grain exports from July 1, 2012 to May 15, 2013 are 41% behind last marketing year’s pace at 14.788 million tons. Japan issued a tender for 122,222 tons of milling wheat (31,955 tons Australian standard white, 25,261 tons U.S. western white, 22,396 tons U.S. dark northern spring, 22,370 tons Canadian western red spring, and 20,240 tons U.S. hard red winter), while Jordan is in the market for 150,000 tons of milling wheat and Israel is tendering for 60,000 tons of feed wheat.

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.

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.

Soybeans were lower on commercial and fund selling. USDA put old crop ending stocks at 125 million bushels, unchanged from April, with new crop seen at a larger than expected 265 million bushels. Also, USDA sees domestic production at more than 3.9 billion bushels and raised the world crop guess. Dow Jones Newswires does report the cash basis on soybeans held at historically high levels for the time of year, despite the USDA numbers. Soybean meal was mostly weak with ending stocks unchanged but with a big expected reduction in average farm price from 2012/13 to 2013/14. Soybean oil was mostly firm on a neutral to bullish set of old and new crop supply and demand numbers.

Corn was lower on fund and commercial selling. Old crop ending stocks were above last month at 759 million bushels and new crop is projected at more than 2 billion bushels. Additionally, USDA projects this year’s U.S. crop at more than 14 billion bushels, with a big year to year increase in average yield. Planting weather for the coming week looks good, generally, but there is a long way to go for this year’s crop. Ethanol futures were lower. South Korea’s Major Feedmill Group bought 70,000 tons of optional origin corn.

The wheat complex was lower on commercial and fund selling. Old crop ending stocks were unchanged on the month at 731 million bushels but the new crop estimate was much larger than expected at 670 million bushels. Also, the winter wheat production guess was just above estimates with hard and soft red winter both a little bigger than anticipated. European wheat was lower on the USDA numbers. DTN reports Algeria bought 175,000 tons of durum and “at least” 150,000 tons of milling wheat, both optional origin.