Soybeans were lower on profit taking and technical selling. Weather forecasts are generally favorable for parts of Brazil, while Argentina is expected to see a drier pattern, potentially into February. Early harvest activity is ongoing in Brazil between rainfall with mostly disappointing yields. Those yields could improve at least a little for later planted beans. CONAB’s updated outlook for Brazil and the USDA’s next round of supply, demand, and production estimates are both out February 8th.
