Soybeans were lower on fund and technical selling. Broad rain coverage is expected in Argentina through the end of the month, stabilizing conditions for part of their crop. Brazil remains on track to produce a record large crop, with early harvest ongoing. That rain in South America is expected to miss dry portions of southern Brazil, but there is precipitation on tap for other growing areas. The USDA’s updated supply and demand report is out February 8th, with CONAB’s updated outlook for Brazil set for February 9th.
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