Soybeans were sharply lower on profit taking and technical selling. Near-term weather in parts of South America continues to look hot and dry, but medium-term forecasts do have a chance of rain for portions of Argentina and southern Brazil. Estimates for Paraguay have also fallen recently, with hot, dry weather pushing yields well below optimal levels. Early harvest activity is underway in a couple of key states in Brazil. Safras e Mercado says 95% of Brazil’s 2020/21 crop has been sold, slightly ahead of average, with 36.5% of the 2021/22 crop marketed.
