Soybeans were modestly higher on fund and technical buying. There was spillover from vegetable oils, including U.S. soybean oil futures, with drought in Canada hitting canola hard. 59% of U.S. beans are rated good to excellent, with the lowest ratings in the Dakotas and Minnesota, due to that drought in the northern and northwestern U.S. Plains, extending into the Canadian Prairies. The margin of error for this year’s crop remains razor thin because of historically tight ending stocks projections for both 2020/21 and 2021/22, which gets underway September 1st.

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