Soybeans were mixed, with old crop up modestly and new crop down. CONAB lowered its outlook for Brazil by 1.6% to 140.5 million tons, still record large and more than what some were expecting, with a new USDA guess out Wednesday in the monthly supply and demand update. Production in Argentina is also being impacted by hot, dry weather, with the USDA’s attaché pegging production at 46.5 million tons. Ahead of those numbers Wednesday, analysts expect the USDA to lower outlooks for South America, with increases for domestic and quarterly stocks against a reduction for the world supply.

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