Soybeans were lower on fund and technical selling in a narrow trading range. Forecasts for South America look more promising for rain in the coming weeks. Soybeans were also pressured by the drop in soybean meal and soybean oil. There are several shipping and logistic challenges facing exports right now that aren’t helping. There are rail issues heading into Mexico along with drought restrictions at the Panama Canal. There are also concerns about the new policies in Argentina with the recent inauguration of the new presidential administration.
