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Soybeans, corn recover some losses

Soybeans were modestly higher on short covering and technical buying, recovering a small part of Thursday’s drop. The trade is watching weather in South America, with concerns in parts of Argentina and Brazil. Weather forecasts have changed for those critical export competitors, throwing some uncertainty into the mix after CONAB lowered its outlook for Brazil’s crop slightly. Brazil’s harvest is reportedly just over 2% complete, faster than average. There wasn’t much public progress in talks earlier this week, but Cabinet level trade discussions with China are expected to occur at the end of the month.

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