Soybeans were higher on commercial and technical buying but closed lower on the week. Most forecasts had a more moderate short-term weather outlook, but there are concerns about conditions in August, the critical month for beans. Some weather models even show expanding drought conditions in the Midwest through October. Any extended period of dryness could hamper yield and would necessitate a much wetter fall and winter to help set up spring planting. Contracts were oversold and there was spillover from bean oil, which popped higher following Canadian canola, shrugging off lower moves in crude oil and palm oil.

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