Soybeans were lower on profit taking and technical selling. There was some spillover pressure from meal and the broader market with beans watching South American harvest activity. Brazil is now past the 80% mark, while Argentina is getting close to 15%. The USDA’s next set of supply, demand, and production estimates is out May 10th, with CONAB’s updated outlook for Brazil on May 14th. Stateside, the USDA was expected to report widespread planting is getting underway.
