Soybeans were lower on profit taking and technical selling, along with a drop in crude oil. Beans and meal gave back part of Tuesday’s gains, focusing on record production in Brazil instead of weather in Argentina. There is some rain in the forecast for Argentina ahead of a return to hot, dry weather. The full extent of damage from this year’s drought and last weekend’s frost/freeze won’t be quantified for some time. Production in Brazil and the rest of South America is expected to more than make up for Argentina’s losses.
