Soybeans were lower on fund and technical selling. The USDA’s Ag Outlook Forum puts planted area at 90 million acres, up sharply on the year and a little larger than expected. The USDA is projecting the 2021/22 average farm price for beans at $11.25 per bushel. The USDA’s next set of estimates for the 2020/21 marketing year is out March 9th. The trade is continuing to monitor conditions in South America. Northern Brazil is expected to see more harvest delaying rain and while there is some rain in the forecast for Argentina, the net-drying effect is expected to continue.

…