Soybeans were lower on profit taking and technical selling. U.S. planting is ahead of average, but there are more rain delays in the forecast this week. In South America, there are continued rain delays for the tail end of Brazil’s harvest in southern growing areas, which are also limiting the advancement of Argentina’s harvest. The USDA’s next round of supply, demand, and production numbers are out May 10th, a week from this Friday, and CONAB’s updated outlook for Brazil is scheduled for May 14th.
