Soybeans were higher on commercial and technical buying. Near-term forecasts have more harvest delaying rain in parts of central and northern Brazil against continued drought in Argentina. CONAB’s updated monthly outlook for Brazil is scheduled for Thursday. Safras e Mercado says 35.4% of Brazil’s 2022/23 soybean crop has been sold, considerably slower than normal. Soybean meal is the most bullish part of the complex thanks to strong domestic demand, blunting any bearish impact from the lack of improved export demand as Argentina’s crop fails.
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