Soybeans were modestly lower on profit taking and technical selling. Contracts held above the recent lows, but the trade seems reluctant to break overhead resistance due to fundamental factors. South American weather generally looks favorable, with large crops expected in Argentina and Brazil, and export demand for U.S. wheat continues to be slow because of Brazil’s price advantage. Brazil’s harvest is right around the halfway point. The USDA’s updated supply and demand numbers are out on the 8th, with CONAB’s fresh outlook for Brazil set for the 12th.
