Soybeans were lower on fund and technical selling. The trade continued to largely shrug off near-term conditions in favor of the forecasts for widespread rain later this week and early next week. Some stress is likely, but timely rainfall will limit the impact. The USDA’s national soybean rating was down on the week, while that warmer, drier weather has sped up planting and development. The trade is waiting to see just how many acres get planted this year, with the official USDA total out June 30th, along with quarterly stocks.

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