Soybeans continue freefall

Soybeans continue freefall

Soybeans were sharply lower on fund and technical selling. Soybeans and products were down on another round of liquidation, along with spillover from a big drop in world vegetable oils. That’s despite expectations for tighter supplies in the second half of the year and projections for increased demand for biofuels usage. Brazil’s basis is falling as the record harvest advances due to a lack of storage space, pressuring global prices and putting more of Brazil’s beans on the market.

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