Soybeans were lower on fund and technical selling, starting the 2021/22 marketing year in the red. There was another round of pressure from recent rainfall, with more in the forecast for some areas later this week. That’s boosting production prospects at a critical time for domestic and global demand. The next set of USDA production numbers will be based on objective yield data, not farmer surveys. The trade is also concerned about interior movement in the Midwest and shipping delays out of the Gulf following Ida, which could be significant.

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