Soybeans see profit taking

Soybeans see profit taking

Soybeans see profit taking

Soybeans were lower on profit taking and technical selling, but with the most active contracts holding above $14. Tuesday’s USDA numbers were bullish, but contracts were overbought after the recent strength. Losses were limited by demand rationing, a lower estimate for Brazil from CONAB, down 759,000 tons on the month at 133.692 million tons, and unknown destinations buying more U.S. beans Wednesday morning. Unknown picked up 464,300 tons, with 396,300 tons for 2020/21 and 68,000 tons for 2021/22, the fifth business day in a row with an announced sale.