Soybeans were sharply lower on fund and technical selling. Traders liquidated positions at the end of the month with under the influence of slower demand due to Brazil’s record crop. That record crop in Brazil should cancel out drought losses in Argentina. The USDA’s updated supply and demand outlook is out March 8th, while CONAB’s new outlook for Brazil’s crops is set for March 9th. Soybean meal and oil were lower on liquidation and a lack of new export demand even as crops wither in Argentina, which is normally the world’s biggest exporter of soybean products.
