Soybeans were lower on fund and technical selling. Brazil’s soybean harvest is about 80% complete and widespread activity is starting to gain steam in Argentina. Brazil’s basis has moved higher, but it still maintains an export price edge on U.S. beans. The USDA’s updated supply and demand estimates are out Thursday, along with CONAB’s new outlook for Brazil. There was also spillover from the lower move in bean oil, which followed the decline in crude oil instead of the gains in palm oil.
