Soybeans were modestly lower on profit taking and technical selling, along with spillover from the outside markets. Contracts were up early on the spike in export demand from unknown destinations but couldn’t follow through. Wednesday morning, that unnamed buyer purchased 194,000 tons of U.S. beans, with 126,000 tons for 2019/20 and the remaining 68,000 tons for 2020/21, bringing the week’s total to 440,500 tons. The USDA did raise production estimates for Argentina and Brazil this week.
