Soybeans were lower on profit taking and technical selling. Beans started higher and then gave back some of the recent gains, with spillover from the broader market. The Dow Jones Industrial Average and crude oil were both sharply lower on concerns about increasing COVID-19 cases in parts of the U.S. and OPEC deciding to raise production, respectively. Weather outlooks for many northern and western growing areas remain hot and dry and beans will need a big crop to meet demand projections, with historically tight carryout estimates for this and next marketing year.

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