Soybeans were lower on profit taking and technical selling, pulling contracts modestly lower for the week. Some dry parts of the Midwest and Plains have recently received rain, helping to stabilize conditions. Still, some of the drier growing areas could see a return hot, dry conditions in early August, a critical development period for the U.S. soybean crop. The USDA’s weekly crop progress and condition numbers are out Monday afternoon, while the next production estimate is due August 12th with the supply and demand report.

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