Soybeans were mixed, adjusting old crop/new crop spreads. The USDA raised old and new crop U.S. ending stocks projections on lower old crop crush demand. Still, even with those increases, the supply is expected to remain historically tight the rest of this marketing year through next marketing year, which doesn’t wrap up on the end of August 2022. The trade is now focused on development weather and the 2021 planted area totals out on June 30th.

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