Soybeans were sharply lower on fund and technical selling. Near-term forecasts generally have favorable planting weather in most of the Midwest and Plains. The national planting pace should be well over the halfway mark by this weekend. The USDA is projecting a record large crop, with the next production estimate out June 9th. Brazil’s record large harvest is essentially over, sending their basis sharply lower, which could help U.S. exports, especially if prices continue to fall.

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