Soybeans were lower on commercial and technical selling. Most forecasts have rain in dry parts of Argentina and slightly drier conditions in already wet portions of Brazil. Export demand has slowed down, with more beans from Brazil starting to hit the market, with almost 50% of the nation’s crop reportedly harvested, including 80% in the key state of Mato Grosso. The USDA’s weekly export sales numbers are out Thursday at 8:30 AM Eastern/7:30 Central. The latest estimate for Brazil from the vegetable oils association ABIOVE pegs production at 134.8 million tons, with exports at 84 million tons, both of which would be records.

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