Soybeans were modestly lower on fund and technical selling, along with the lower moves in soybean and crude oils. Export sales numbers were bearish with expectations for the pace to continue to tail off as the harvest of Brazil record crop advances. The leading buyers were China and Spain, with a significant cancellation by unknown destinations. Still, the overall 2022/23 pace is ahead of 2021/22 and shipments have been solid. The USDA’s next round of supply, demand, and production numbers is out March 8th, with CONAB’s updated estimates for Brazil scheduled for March 9th.
