Soybeans were lower on profit taking and technical selling. The trade gave back some of the recent gains, with spillover from profit taking in bean meal and a drop in crude oil. However, beans were above the day’s lows as the U.S. Drought Monitor does show expanding drought conditions in the Midwest, now covering nearly the entire region. Soybean oil was firm on an oversold bounce. Argentina is reportedly the second largest buyer of soybeans from Brazil this year, ahead of Spain and behind China.