Soybeans were mostly, modestly higher on commercial spread adjustments. Contracts started higher, turned mixed fairly quickly, and are overbought, but the trade is trying to ration demand. Rain is beneficial in South America, aside from delaying harvest activity in parts of southern Brazil and the attendant quality concerns. AgRural says 0.7% of Brazil’s crop is harvested as of last Thursday, compared to 4.2% a year ago. Argentina will need more timely rainfall, which is an uncertainty because of the prevailing La Nina pattern.
