Brazilian weather and a lack of Chinese soybean buying

Soybeans posted their largest one-day loss in months. Those big market gains made on Monday have been erased. Soybean futures are now just under last week's (Thursday) close. Rains were a little heavier than expected in Mato Grosso do Sul and the northern portion of Parana. The extended forecast improved for Brazil as well. Today's export sales report noted a change in Chinese buying. The trade is now wondering if the "trading above economic value" story is now over.

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