Soybeans were modestly lower on profit taking and technical selling, unable to follow through on the pre-report gains. The USDA did lower U.S. ending stocks, just not as much as expected, with no changes to U.S. exports. The production guess for Argentina was down, but Brazil was unchanged on the month, as was the import guess for China. CONAB sees Brazil’s crop at 134.451 million tons, compared to 134.953 million last month on the dry weather in southern growing areas, but still record large.

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