Soybeans were lower on fund and technical selling, giving back Tuesday’s gains and then some. Near-term development and harvest weather in South America looks non-threatening to beneficial. Parts of southern Brazil remain dry, but again, on the balance, many key growing areas have seen or will see rain this week. Domestic crush demand is solid, while exports are slow, with Brazil controlling the market. There’s been talk, but no confirmation, of China buying a significant amount of soybeans from Brazil following the ends of Lunar New Year celebrations and Carnival.
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