Soybeans were modestly lower on profit taking and technical selling, with the most active month losing more than $.20 on the week. Most near-term forecasts have moderate to heavy rainfall in parts of South America, with lighter totals in other areas. The longer-term outlooks remain uncertain because of the La Nina pattern. Safras e Mercado estimates Brazil’s crop at 133.517 million tons of soybeans, adding 56.5% of the crop has already been sold, compared to 37.8% a year ago and 34.5% on average, and that there’s only 1.2 million tons of the 2019/20 crop remaining to trade.

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