Soybeans were mostly lower on spread trade and profit taking. Beans are continuing to watch early harvest activity and early planting in South America, along with product demand. Export sales were down on the week, but with good numbers for Egypt and China against a cancellation by unknown destinations. Overall, 2022/23 sales are still ahead of the 2021/22 pace, but shipments have been less than what’s needed to meet USDA projections. The recent strength in the dollar, continued competition from South America, especially Argentina, and that week’s uncertainties about a railroad strike likely contributed to the disappointing weekly total.
