Soybeans were lower on fund and technical selling. Beans followed soybean products, while watching harvest activity in Argentina and Brazil. Old crop U.S. export sales were up on the week, but the pace remains the slowest in four years, during the tariff battle with China. Old crop sales were 17.9 million bushels, mainly to China and Mexico, while new crop sales were 9.7 million bushels, mostly to unknown destinations. The USDA’s next round of supply and demand estimates is out May 10th, with CONAB’s updated outlook for Brazil on the 14th.
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