Soybeans were mixed on bull spreading, supporting nearby contracts, and pressuring deferred months. Soybeans consolidated after Monday’s gains, continuing to monitor weather in South America. Forecasts for Argentina remain mostly dry over the next two weeks, while parts of Brazil should see more early harvest delays. There are no reported quality issues, yet, for the parts of Brazil seeing those delays and that nation remains on track for record production. The USDA’s next set of supply and demand estimates is out February 8th, with CONAB’s updated outlook for Brazil the following day.
