Soybeans were lower on fund and technical selling, with most contracts posting double digit losses. Beans followed crude oil, which pulled back on signs of easing tensions in the Black Sea region. While wheat has caught a lot of the headlines, the energy market would also be drastically impacted by conflict between Russia and Ukraine. Near-term forecasts do have some scattered rain in parts of Argentina and southern Brazil. The USDA’s attaché in Brazil cut its outlook to 134.5 million tons, compared to the most recent official guess of 134 million and CONAB’s current outlook of 125.471 million tons.

…