Soybeans were sharply lower on speculative and technical selling. There was good rainfall over the weekend in some key growing areas, potentially helping yields. The USDA says 57% of U.S. soybeans are in good to excellent condition, unchanged, with 91% of the crop at the pod setting stage, compared to the five-year average of 92%, and 4% dropping leaves, compared to 7% on average. Even with the recent record production and yield estimates from the USDA, the new crop ending stocks projections are expected to remain tight.
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