Increased moisture in South America has led to quality concerns during harvest in Argentina and Brazil allowing soybean futures to work higher. Overnight mixed trade in the soy complex following lower than expected crush margins to start the week added some downward pressure early but has strengthened. Some gains in soybeans have been realized upon the passage of President Biden’s stimulus package last week. The Buenos Aires Grain Exchange cut their estimate of Argentina’s soybean crop by 2 million metric tons to 44 million metric tons last week which allowed for continued strength after the weekend.

…