Soybeans were lower on speculative and technical selling, compounding what was already going to be a lower finish for the week. Soybeans had another round of pressure connected to forecasts for more rain in Brazil. Projections are down from the initial expectations, but general sentiment is that Brazil will still produce a lot of beans this year. The USDA’s Foreign Ag Service sees the 2023/24 crop at 158.5 million tons, down 2.5 million from the most recent official guess, but 500,000 more than the FAS peg on the 2022/23 crop.
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