Soybeans were sharply lower on commercial and technical selling. Beans followed the lead of soybean oil and most world vegetable oils, while nothing has really changed for the supply fundamentals. The old crop supply is possibly tighter than what’s being reported by the USDA and the new crop supply likely won’t be that much larger and projections could decline even before 2021/22 gets underway September 1st. That will depend on several factors, including crush and export demand, final planted area, and crop development conditions.

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