Soybeans were sharply higher on commercial and technical buying, establishing another round of new highs, with nearby months closing above $14. The USDA lowered the 2020/21 ending stocks estimate, 2020 production, and quarterly ending stocks, confirming the bullish supply and demand situation. The production guess for Argentina was down on the month, with Brazil holding steady for now. CONAB’s new production estimates for Brazil are out Wednesday. Most forecasts have good near-term rain for South America, but there are long-term uncertainties because of La Nina.

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