Soybeans were sharply higher on commercial and technical buying. Most forecasts have more hot, dry weather in southern Brazil and Argentina, lowering production potential. Parts of central and northern Brazil are seeing early harvest delays due to excessive rain, which could have an impact on export availability. China has reportedly purchased significant amounts of Brazil’s new crop, anticipating an early harvest following faster than normal planting. CONAB’s next round of estimates for Brazil is out on Tuesday, the 11th.

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