Soybeans were lower on commercial and technical selling. Soybeans and meal dropped on overbought signals and good weekend rainfall in parts of Argentina. Argentina is the world’s largest exporter of soybean products and their government has recent increased soybean sales with a “soy dollar” program. The rainfall is expected to be a bigger benefit to Argentina’s soybeans than its corn. Soybean oil was able to close higher, supported by an oversold bounce and strength in crude oil, helping it shrug off bearishness in global vegetable oils.
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