Soybeans were mixed on old crop/new crop spread adjustments. Most forecasts have continued improvements in weather for Argentina and Brazil. That should allow harvest activity to increase in central Brazil and aid late development in southern Brazil and Argentina. Export demand for U.S. beans has slowed down as Brazil’s harvest has picked up steam. According to AgRural, 59% of Brazil’s soybean crop has been harvested, compared to 66% a year ago. Soybean export inspections were down on the week and the year, with very little of that headed to China, but the overall pace remains ahead of what’s needed to meet USDA projections.

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