Soybeans were higher on commercial and technical buying. More rain is in the forecast for much of the Midwest, potentially slowing down planting into mid-month. Even if that does help set up improved early development conditions, it could lead to adjustments in the acreage mix for some producers. Harvest delaying rain and even flooding in southern Brazil and Argentina are also creating concerns about crop quality. The USDA’s attaché in Argentina has 2023/24 production at 49.5 million tons, compared to the official guess of 50 million and the drought stricken 2022/23 total of 25 million tons.

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