Soybeans were sharply higher on commercial and technical buying. Most forecasts have a return to hot, dry weather in Argentina and southern Brazil next week. That’s expected to further lower yield potential for both of those key producers. Several private and governmental entities have issued reduced production projections for South America over the past few weeks. Harvest is just getting underway in portions of northern and central Brazil. The USDA’s next set of global production projections is out February 9th, while CONAB will update its outlook for Brazil on February 10th.

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