Soybeans were lower on profit taking and technical selling, along with spillover from bean meal, but still closed higher on the week. Beans continue to watch South America, with a general return to hot, dry weather expected early next month. Recent rainfall has favored Argentina over southern Brazil. CONAB’s next set of projections for Brazil is out February 10th. China bought 132,000 tons of 2021/22 U.S. beans, answering some recent rumors. Soybean export sales for the week ending January 13th were down on the week, but up from the four-week average, with solid old crop sales to China and Mexico against a cancellation by unknown destinations.

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