Soybeans were sharply higher on commercial and technical buying, establishing more fresh contract highs, but with March failing to break $16. The USDA lowered South American production estimates, for Argentina, Brazil, and Paraguay, with more reductions possible next month as dry conditions persist in many key growing areas. There is a chance for some rain this weekend, but coverage is expected to be scattered. In contrast, parts of central and northern Brazil are seeing rain-related harvest days, impacting quality.

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