Soybeans were modestly higher on commercial and technical buying. Near-term forecasts have more rain in Argentina spreading into southern Brazil, but hot, dry conditions are expected to return early next month. The USDA’s next set of projections for South America is out February 9th in the supply and demand report, with the updated outlook for Brazil from CONAB scheduled for the 10th. 5% of Brazil’s harvest is complete with supplies reportedly backing up at several key ports as shippers focus on corn exports and fertilizer imports.

…