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Some weather models showed less precipitation in extended forecasts reaching about a week into August, which is seen as the most crucial development month for the US crop. Drier conditions when soy pods are forming could reduce yields, prompting tighter supplies and higher prices.
Bull-spreading in soybeans saw August gaining on deferred contracts as investors exited nearby positions. The August-November soy spread hit a roughly two-week high.
Soyoil futures fell to a fresh six-month low before rebounding, finishing only narrowly lower while soymeal gained 1.2 percent in oil-meal spreading.
The US Department of Agriculture said exporters sold 131,000 tonnes of US soybeans to China.