Soybeans were firm to higher on fund and technical buying. Contracts were mixed early, but rallied, with traders watching the weather closely during these key development phases. Most forecasts have much needed rain in some western growing areas, against drier conditions in the east. Beans will need a trend-line yield or better to meet demand projections and limit further price inflation for end users. The USDA’s next projection is scheduled for September 10th. The trade is also watching conditions ahead of planting in Brazil, with an eye on the potential La Nina pattern, which could trim yields.
