Soybeans were sharply lower on fund and technical selling. Tuesday’s USDA numbers were no surprise, very close to expectations, and in the trade’s assessment, weren’t neutral to bullish enough. The sole change to the domestic balance sheet for beans was a higher export guess, while the USDA didn’t make any changes to South American production numbers. Most forecasts have more near-term harvest delaying rain in parts of Brazil and a drier pattern in most of Argentina for much of this month.
