Soybeans were sharply lower on profit taking and technical selling, but with most months still holding at support points due to demand rationing. Weekly old crop export sales were bearish, falling below a half million tons, while new crop sales were strong. China was the biggest 2020/21 buyer, while unknown destinations took the lead for 2021/22, and that could turn out to be China when it’s time for delivery. Parts of Argentina are drier heading into February and rain in parts of Brazil is delaying harvest and creating quality concerns.
