Soybeans were modestly higher on commercial and technical buying. Nothing has changed fundamentally, but contracts are overbought and beans closed well below the overnight and early highs. Most near-term forecasts have good rain in Brazil with lighter coverage in Argentina and longer-term concerns because of La Nina. The Buenos Aires Grain Exchange says 87% of Argentina’s soybeans are planted, compared to 90% on average, with 7% of the crop rated poor to very poor. Grain inspectors in Argentina continued their wage strike over the weekend.
