Soybeans were sharply lower on speculative and technical selling, in addition to spillover from the broader market. Most of the Midwest is expected to see hot, dry weather over the next few days, allowing planting to pick up steam. The USDA says 12% of U.S. soybeans are planted, compared to the five-year average of 24%, with 3% emerged, compared to 4% on average. Domestic crush demand is strong with very good margins, but there are concerns about export demand from China due to COVID lockdowns and economic uncertainties.

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