Brazilian soybean loadings are 316,814 Mt/d so far this month, down from 391,891 Mt/d in May and 411,596 a year ago. Some farmers are holding back stocks, which is hampering exports and causing some crushers to import beans. Brazilian imports this month stand at 2,400 Mt/d, and are the first since February.

Less than favorable weather has been hampering the US crop, and creating a dead-cat bounce in prices. Soybeans rated good-to-excellent were 60% in Monday’s update, which is down from 67% two weeks earlier. If prices continue to move higher, it could bring some Brazilian farmers off the sidelines and prompt destocking.

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