Soybeans were higher on short covering and technical buying. Forecasts are hot and dry for most of the Midwest starting this weekend, potentially stressing the crop, and likely reversing the recent crop condition improvements. The USDA’s next set of yield and production estimates is out September 12th in the monthly supply and demand update. Weekly old crop export sales were neutral to bearish, while new crop sales were neutral to bullish. The big buyers for old crop were the Netherlands and Indonesia and China and unknown destinations topped the list for new crop.
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