Soybeans were sharply lower on commercial and technical selling. Much of Argentina and Brazil had good weekend rain coverage, but Argentina could turn drier after this round of precipitation. Damage has been done and the overall success of the crop will still depend on timely precipitation. Harvest is underway in Brazil’s key state of Mato Grosso, with 16% of that state’s crop already sold, compared to 4.8% a year ago. Nationally, 0.4% of Brazil’s soybeans are harvested, compared to 1.8% this time last year because of the planting delays due to dry weather.
