Weather concerns support soybeans

Soybeans were higher on fund and technical buying but did finish below the day’s highs. 59% of U.S. beans are good to excellent, down 3% on the week and well below a year ago. The crop is nearly planted with USDA’s 2023 acreage totals and quarterly stocks numbers out on the 30th. Conditions are dry in many key growing areas with minimal chances for widespread rain in the next week. The emergence of El Nino is giving growers some hope, but the full effect of the pattern might not be felt until later this summer.

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