Soybeans were sharply lower on fund and technical selling. The USDA did lower its soybean production guess, but the number was larger than expected with no change to yield, which left new crop ending stocks above pre-report estimates. However, there is a long way to go until this crop is finished and the numbers will probably change. Weather forecasts generally remain mixed heading into the critical month of August, which is expected to have some impact on the yield number.

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