Soybeans were sharply lower on profit taking and technical selling, pulling contracts lower for the week. The Russian invasion of Ukraine was ongoing during Friday’s session, but beans sold off with spillover from bean meal, vegetable oils, and crude oil. Ahead of Friday’s open, unknown destinations bought 285,000 tons of U.S. beans, with 159,000 tons for 2021/22 and 126,000 tons for 2022/23, and China purchased 334,000 tons, all for 2022/23. The new marketing year for soybeans starts September 1st.

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