Soybeans resume downward trend

Soybeans resume downward trend

Soybeans were lower on fund and technical selling, pulling contracts to a lower weekly finish. Beans are monitoring harvest activity in Brazil and development conditions in Argentina, with more widespread rain in the near-term forecast. The USDA made minimal changes to Brazil’s outlook this month, with the potential for more aggressive adjustments in March, if not later. The latest estimate for Brazil is much more in line with CONAB, with Safras e Mercado projecting production at 149.076 million tons.

    

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