Soybeans closed lower, pressured by the drop in soybean meal and improved chances for rain in Argentina later this week. A decent rainfall could provide a boost to a crop that’s been facing significant drought stress. Just 19% is rated good to excellent by the Buenos Aires Grain Exchange. On the other hand, crop conditions in Brazil have been mostly favorable and there is anticipation of a record-large corn crop. Reports of worsening COVID conditions in China also added pressure to the market Monday.
