Soybeans are lower on profit taking. The market was also being driven down by sharp crude oil losses. The soybean market saw strong support last week with USDA’s estimated soybean ending stocks falling 25 million bushels from last month to 260 million in its World Ag Supply and Demand report Friday. And the Buenos Aires Grain exchange recently lowered its soybean ratings further, adding support into the market. CONAB, Brazil’s equivalent of the USDA, recently lowered its soybean production estimate to 122.4 million metric tons.

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