Soybeans give back some gains as corn finishes firm

Soybeans were lower on profit taking and technical selling, but still finishing the week sharply higher. Old crop U.S. ending stocks were down on the month, pulling new crop stocks lower. USDA did raise old crop production estimates for Argentina and Brazil slightly. Soybean imports by China were unchanged from May. Those adjustments left the overall report neutral to bullish, but beans weren’t able to shrug off that end of the week selling interest. An expected hot, dry period beginning in the coming week should help planting wrap up in parts of the region.

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