Soybeans were modestly higher on short covering and technical buying, posting modest week to week gains. Unknown destinations bought 126,000 tons of new crop U.S. beans, pushing the weekly total of announced sales to unknown and China to 1.517 million tons. The continued demand from China and unknown destinations, which is expected to turn out to be China, comes despite the continued political tensions between Washington D.C. and Beijing. Most forecasts have hot, dry weather in many areas into the coming week and the National Weather Service’s three-month outlook is generally hotter than normal with an equal chance of above or below normal precipitation in much of the Midwest.

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