Soybeans were modestly higher on short covering and technical buying, losing ground on the week, but still up for the month. Weather outlooks generally have a drier pattern for Argentina and parts of Brazil, but planting has accelerated after the recent rain. AgRural says 42% of Brazil’s crop is planted, slightly behind average after a roughly two-week delay, which could extend China’s reliance on U.S. beans into 2021. Brazil’s tight supply of soybeans has pushed prices higher and the nation’s minister of the economy says that if they continue to rise, the import tariff on beans from outside of the Mercosur bloc could be reduced to zero.

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