Soybeans were lower on profit taking and technical selling. The supply and demand fundamentals continue to be bullish, but contracts are overbought after the recent run to multi-year highs. May beans did trade above $16, but only closed just above the day’s low. 8% of U.S. soybeans are planted, just ahead of the five-year average, with planting delays likely in some areas this week. Still, those interruptions will aid soil moisture. The USDA’s next set of supply and demand numbers, including the first official new crop projections, is out May 12th.

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