Soybeans were solidly higher on commercial and technical buying. The USDA left U.S. ending stocks unchanged at a still tight 120 million bushels, only rising to 140 million next marketing year. It’s not that the numbers were overwhelmingly bullish, but they also weren’t bearish either and there’s some sentiment the USDA is currently underreporting old crop ending stocks. The USDA did lower the production guess for Argentina by 500,000 tons to 47 million, while leaving Brazil unchanged at 136 million and holding China’s imports steady at 100 million tons.

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