Soybeans were mostly lower, adjusting spreads and taking profits, but closing firm for the week. Recent rainfall in Argentina has been disappointing, but there is more in the near-term forecast. Conditions in Brazil generally look favorable, with early harvest activity ongoing. Yield projections have been lower than expected in parts of southern Brazil due to drought, but that’s expected to be offset by yields in central and northern growing areas. That spells even more export competition for the U.S., especially with China, which has an increasingly favorable trade relationship with Brazil.
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