Old crop soybean futures and basis have had a hard time weakening even with all the talk of a very bearish long-term soybean supply situation caused by predicted record crops in South America and increased plantings in the U.S. General Comments Markets were mixed again in the overnight session. It has been a week with mostly bearish market news including:

More cargoes of U.S. corn being rejected by China because they contained the unapproved genetically modified organism (GMO) variety. USDA's weekly export sales report released Thursday showed more corn sales were shifted from unknown to China. Increased production estimates for soybeans in both Brazil and Argentina based on good weather and good planting progress. A Stats Canada pro...