Soybeans were lower on profit taking and technical selling, along with spillover from the broader market. There is some rain in the near-term forecast for parts of Argentina, but overall coverage is expected to be scattered and not nearly enough to alleviate the dry conditions in most areas. The USDA’s FAS lowered its outlook for Argentina’s soybean crop to 36 million tons, a drop of 9.5 million from the most recent supply and demand report, with the next projection out February 8th.
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