Soybeans were lower on profit taking and technical selling. Soybeans gave back part of Monday’s gains, watching weather in South America, with additional pressure from soybean products and crude oil. Most forecasts have improved rainfall chances in some of the drier areas of Brazil in the next couple of weeks. AgRural says 91% of Brazil’s bean crop is planted, compared to 95% a year ago. Unknown destinations bought 198,000 tons of 2023/24 U.S. soybeans, the fifth business day in a row with a sale to either China or unknown, which could turn out to be China when it’s time for delivery.
