Soybeans were sharply higher on fund and technical buying. Weekend rains weren’t as broad as expected and forecasts for some areas look hot and dry. The USDA says 59% of U.S. soybeans are rated good to excellent, unchanged on the week, with 46% blooming, compared to the five-year average of 40%, and 10% at the pod setting stage, matching the average. The USDA left old and new crop ending stocks unchanged, with minimal adjustments to the old crop balance sheet and no changes for new crop.

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