Soybeans ended the session modestly higher on commercial and technical buying, with some contracts hitting new highs early before peeling back. Rain forecasts over the next few days for South America are mixed, with most of Argentina and southern Brazil expected to see a return to hot, dry weather, further sapping yield potential. The trade is also monitoring harvest activity in northern and central Brazil, with rain delays in some areas. The International Grains Council sees global 2021/22 soybean production at 353 million tons, a drop of 15 million from January on lowered expectations for Argentina and Brazil.

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