Soybeans were lower on Wednesday on spread adjustments. White House support to biofuels producers could has also added bearish movement. The downward trend is also being supported by soybean oil supply/demand picture with anticipation of increased palm oil production this year. The market is still waiting for the EPA to announce blending requirements for 2021/2022. Recent forecasts have been bearish on soybean prices with rain in the forecast for several key soybean growing states. That trend could reverse with much of the Midwest expected to have hot temperatures in the near future.
