Soybeans were lower on profit taking and technical selling. The trade continues to monitor U.S. planting delays and the impact of heavy flooding in southern Brazil. That flooding and crop loss in Brazil has pushed their basis higher, which could help U.S. exports. There’s been talk this week of China buying anywhere from a routine to significant amount of U.S. beans, but no confirmation. Old crop export sales last week were lower than the four-week average at 10.3 million bushels, mainly to Japan and unknown destinations, while new crop sales were 2.4 million bushels, with unknown topping the list.
