Soybeans, corn, wheat give back some recent gains

Soybeans, corn, wheat give back some recent gains

Soybeans were lower on profit taking and technical selling. Beans followed bean oil, which was not included on the U.S. tariff list against China as some were expecting. Soybean oil for biodiesel use has been partially displaced by used cooking oil exports from China. There are also some concerns about Beijing cutting soybean imports from the U.S. even further as a retaliatory measure. U.S. planting remains ahead of average but has fallen behind the year ago pace, with more delays in parts of the Midwest and Plains this week.

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