Soybeans were lower on fund and technical selling, adding to what would have already been a weekly loss. The USDA did lower the yield and production estimates slightly more than expected following drought during early portions of the growing season. The numbers are as-of-August 1st, so they don’t fully reflect the change in weather, but further adjustments are probable between now and the final numbers in January. New crop ending stocks were down with that lower crop size and a cut in exports.

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