Soybeans were mixed on old crop/new crop spread trade after an up and down day. Nearby contracts made new highs and then peeled back, with a relatively routine week for export sales, including a small cancellation by China. Sales did top a million tons, with Mexico and Egypt leading the way. Weather in South America continues to be bullish for U.S. prices, with more yield loss probable in some key growing areas. The USDA’s next set of South American production projections is out on the 9th and CONAB’s updated outlook for Brazil is set for the 10th.

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