Soybeans were higher on commercial and technical buying, but below the day’s highs. Most forecasts have more hot, dry weather in parts of the western and northern growing areas, potentially stressing the developing crop. Still, contracts are a little overbought and prices are limiting demand to some extent. The near-term supply remains tight and is only getting tighter, but the USDA likely won’t adjust the production estimate until after the release of the 2021 planted area totals at the end of the month.

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