Soybeans were mixed on bear spreading. Last week’s export sales were a marketing year low but concerns about South American crops are providing some support. For the exports, China was the biggest buyer last week, but there was a big cancellation by unknown destinations. For weather, most forecasts have more hot, dry weather in Argentina and southern Brazil. Harvest is just getting underway in parts of northern Brazil. The recent reduction in private production projections for Brazil has pushed their prices higher, cutting into their edge in export price.
