Soybeans closed modestly lower on profit taking and technical selling, unable to hold onto the session’s gains. Unknown destinations canceled on 100,000 tons of old crop U.S. soybeans ahead of the open and near-term crop weather is seen as non-threatening in many areas. The hot weather being experienced in large swaths of the region has helped the crop catch up on growing degree days and some areas will see beneficial rain, but if the pattern hangs on for an extended period of time, it could impact yields.

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