Soybeans were modestly higher on commercial and technical buying. Most forecasts have rain in the near-term forecast for some dry parts of the growing region. The USDA says 57% of U.S. soybeans are in good to excellent shape, down 3% on the week, with 94% of the crop blooming, matching the five-year average, and 81% at the pod setting stage, compared to 79% on average. Barcharts projects U.S. production at 4.4 billion bushels with an average yield of 51 bushels per acre, very close to last week’s USDA estimate.

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