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Down day for soybeans, corn ahead of USDA reports

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Soybeans were modestly lower on fund and technical selling. Soybeans saw another round of spillover from bean oil and palm oil, this time sparked by lower moves in China ahead of the U.S. open. Soybean meal was mixed at times, eventually closing lower under the influence of beans and bean oil. Brazil’s harvest is ongoing, still holding their price advantage over the U.S. despite a higher basis. AgroConsult says Brazil’s average yields are below a year ago, not a real surprise given the issues faced during planting and development.

Down day for soybeans, corn ahead of USDA reports