Soybeans were lower on profit taking and technical selling. There’s rain in the near-term forecast that could boost yields in some of the drier parts of the region. The USDA’s most recent crop production estimate did show a record yield, but that’s likely to be trimmed, with a probable downward adjustment in planted area as well. Crush margins remain bullish and near-term domestic and global supplies continue to be relatively tight. Soybean meal was down on profit taking after establishing contract highs Wednesday, while bean oil was mixed, mostly lower, on spread trade and the lower move in crude oil.
