Soybeans were modestly higher on commercial and technical buying. Beans followed through on the post-report gains, with USDA lowering crop size and yield unexpectedly. U.S. ending stocks were up on the month, but by a smaller than expected margin. The USDA did lower exports, with demand for U.S. beans slower than expected. That’s due in part fast pace of planting in Brazil, which should lead to earlier than normal availability on the export market. The USDA did lower the soybean production estimate for Argentina earlier this week, while leaving Brazil unchanged.

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