Soybeans were modestly higher on commercial and technical buying. Nearly 80% of Brazil’s soybean crop is harvested, a little slower than average, while heavy rain is in the forecast for parts of Argentina, delaying early harvest activity. The USDA’s updated South American production projections are out Friday in the monthly supply and demand report. Demand for U.S. beans has tailed off as Brazil’s harvest has moved forward, but sales and shipments will still very likely meet or exceed USDA projections for the current marketing year and domestic demand is good.

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