Soybeans were sharply lower on fund and technical selling. The anticipation of the Federal Reserve raising interest rates another quarter point in their efforts to tame inflation pressured commodities in general during Wednesday’s session. That’s the ninth consecutive rate hike in just over a year. Brazil’s record harvest is advancing, with basis dropping due to a lack of storage. That’s likely going to push even more Brazilian beans into the export market. That stands in contrast to the expectations for further reductions to Argentina’s production estimate and the near certainty of a big drop in soybean product exports for the world’s largest seller.
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