Soybeans were modestly lower on profit taking and technical selling. Contracts were up early but were unable to break overhead resistance and the USDA hasn’t announced a U.S. soybean export sale in more than a month. Demand is solid and the U.S. and world supplies will only get tighter until harvest starts in South America. The trade is also monitoring conditions in Argentina and Brazil, with good recent precipitation against some longer-term questions about coverage.

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