Soybeans were modestly higher on fund and technical buying, ending the week firm. Beans followed the lead of bean meal, which was supported by strong demand, while vegetable oils continued their lower trend, pressuring bean oil futures. Near-term weather in South America continues to favor central Brazil. The USDA left its projections for Argentina and Brazil unchanged this week, while lowering Paraguay slightly, and CONAB raised its already record outlook for Brazil. The Buenos Aires Grain Exchange says 56% of Argentina’s crop is planted, slightly slower than average, with 75% rated good to excellent.

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