Soybeans were higher on short covering and technical buying but ended the session closer to the day’s lows than the highs. Contracts saw an oversold bounce, soybean meal was up, and the dollar was down. South American weather looks neutral to bearish, with rain in the forecast this week for parts of Argentina and Brazil. That should help stabilize or even boost conditions for Argentina and later planted beans in Brazil. Brazil’s harvest is nearly a third complete, and while futures could be near the seasonal lows, Brazil’s prices continue to hold a significant discount to the U.S., keeping their export advantage in place.
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