Soybeans were sharply higher on fund and technical buying. Beans bought back the post-USDA report drop and then some as there is a long way to go for this year’s crop. The USDA did lower production, but didn’t cut yield, despite ongoing drought. That number could be lowered in an upcoming report. Soybean meal and oil were supported by the fundamental implications of a smaller U.S. crop. The weekly U.S. soybean export numbers continue to reflect Brazil’s hold over the market.

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