Soybeans were lower on fund and technical selling. Brazil’s harvest is more than 30% complete, slower than average, but still already about 50 million tons. The record crop in Brazil should cancel out the production losses due to drought in Argentina. South America is expected to produce a combined crop of around 5 billion bushels. That’s already cutting into export demand for U.S. soybeans. Sales have slowed down, but there are relatively few unshipped bushels, which might lessen cancellations.
