Soybeans were lower on fund and technical selling. Conditions in Brazil mostly look good and a recent drier weather pattern has helped push harvest past 50%. Conversely. Argentina’s crop remains in very poor shape, with the potential for further production projection reductions in the coming weeks. There’s some expectation that record crop in Brazil won’t be enough to fully make up for those losses in Argentina, which could exacerbate what’s could be a tight global vegetable oils situation in the second half of the year.
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