Soybeans were mostly lower on spread adjustments, with November still hitting a new contract high and January up modestly. The trade is watching continued planting delays in South America and while there’s a chance of rain in parts of Brazil, much of Argentina could remain dry. Still, any further delays could push back the availability of Brazil’s beans and Argentina’s products by weeks or months, leaving the U.S. as the primary global supplier. The USDA’s attaché in Brazil is still expecting record 2020/21 soybean production at 131 million tons, compared to 125.6 million in 2019/20, with an expansion in planted area.

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