Soybeans were modestly higher on short covering and technical buying, rallying after early modest losses. Recent rainfall should help development, but medium-term forecasts are generally drier for some key U.S. growing areas and totals weren’t enough to break drought conditions in parts of the region. Still, temperatures for the most part don’t look threatening and August is a critical month for soybean development. In any event, the crop is heading into August with its’ highest good to excellent rating in years.

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