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“Soybean futures fell sharply as forecasts continued to trend cooler and wetter, overshadowing a more than $5/barrel surge in crude oil following Iranian attacks on U.S. bases in the Middle East,” Heinberg said. “Monday’s Crop Progress report showed soybean conditions falling 3 points to 63% good to excellent following last week’s heat and dryness. However, development remains ahead of normal, with 80% blooming versus a five-year average of 74% and 47% setting pods versus an average of 39%.”
