Soybeans see more modest gains

Soybeans see more modest gains

Soybeans were modestly higher on short covering and technical buying. Near-term conditions in Argentina are hot and dry with a lot of uncertainties about the forecasted late week rain. This recent weather has likely trimmed at least some of Argentina’s yield potential, but if this rain materializes as expected, it should help stabilize things. Brazil’s harvest is moving forward, with lower crop estimates likely Thursday from USDA and CONAB. It’s going to be a big crop and will continue to limit export demand for U.S.

    

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