Soybeans were lower on fund and technical selling. Brazil’s harvest is more than 30% complete, slower than average, but still already about 50 million tons. The record crop in Brazil should cancel out the production losses due to drought in Argentina. South America is expected to produce a combined crop of around 5 billion bushels. That’s already cutting into export demand for U.S. soybeans. Sales have slowed down, but there are relatively few unshipped bushels, which might lessen cancellations. Export inspections were down on the week and the year, but the 2022/23 pace remains ahead of 2021/22 heading into the back half of the marketing year. Last week’s top destinations were China and Mexico. The trade is also monitoring U.S. conditions ahead of widespread planting. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.