Soybeans were mixed on spread adjustments. Contracts remain oversold, with the most active months up modestly, even with the demand concerns linked to the COVID-19 spread. There was also support from dry weather in parts of Argentina and Brazil, which has led some to lower their production outlooks. The Brazilian Soybean Producers Association reduced its’ outlook to 121 million tons, down 2 million on the month. Still, the combined South American crop will be large and their prices remain below U.S.
