Soybeans were lower on commercial and technical selling. Weekly old crop export sales were bearish, but the pace remains ahead of the USDA’s projection for the marketing year at just over the halfway point. Egypt was the biggest buyer, followed by Indonesia, and while there were no reported sales to China, unknown destinations canceled on more than 150,000 tons. Unknown did buy 65,000 tons of new crop. Near-term weather for South America looks bearish. The International Grains Council expects 2020/21 world soybean production to be 361 million tons, up 1 million on the month with increases for Brazil and India cancelling out a decrease for Argentina.

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