Soybeans were sharply higher on commercial and technical buying. A return to hot, dry weather is in the forecast for most of the Midwest starting next week. Next week also marks the start of August, a critical month for most of the U.S. soybean crop. If the weather materializes as expected, it’d likely trim at least some yield off the USDA’s most recent projection, with an updated guess out August 12th. How many acres were actually planted this year is an uncertainty as well, with the results of a USDA resurvey also out next month in the supply and demand report.

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