Soybeans were sharply higher on commercial and technical buying. The USDA lowered U.S. production and yield estimates, tightening ending stocks, even without a change to exports. If realized, U.S. ending stocks would be a seven-year low, and we’re not even a quarter into 2020/21. Brazil’s soybean production and exports were unchanged, while Argentina’s crop guess was reduced following the slow start to planting. CONAB says 55% of Brazil’s soybean crop is planted, compared to 56% a year ago, with production estimated at 135 million tons, adding year to date exports are 81.4 million tons, very close to the total projection of 85 million tons.

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