Soybeans were lower on profit taking and technical selling, peeling back after establishing new highs early in the session. CONAB slashed its outlook for Brazil’s crop by 15.028 million tons to 125.471 million, with harvest underway in some areas. Production in Argentina, Paraguay, and southern Brazil has been hit hard by drought, while that early harvest activity in central and northern Brazil is being complicated by rain. CONAB’s next set of projections is out March 10th.
