Soybeans were mixed on bull spreading. Unknown destinations bought 124,000 tons of 2022/23 U.S. soybeans, the second day in a row with an announced sale, and soybean meal was up from the recent lows. There’s a chance for improved rainfall in Argentina and southern Brazil later this month, while conditions in the rest of Brazil, for now, are nearly ideal. There was also position squaring ahead of the slew of reports out Thursday, including CONAB’s updated outlook for Brazil’s crops and the USDA’s weekly export sales numbers.
