Soybeans were sharply higher on commercial and technical buying. Contracts bought back part of the recent losses, with most rain forecasts favoring Argentina over southern Brazil. Parts of southern Brazil are also expected to see high temperatures, causing some stress to developing beans. The USDA’s attaché in Brazil lowered its 2021/22 production guess to 136 million tons, below the official estimate and CONAB, cutting exports to 88 million tons and lowering domestic crush to 46 million tons.

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