Soybeans were sharply higher on commercial and technical buying. In the first field-based estimates of the season, the USDA lowered its production, yield, and acreage numbers. Recent rainfall in parts of the Midwest and Plains might have helped stabilize yields or even boost prospects in parts of the region. Old crop ending stocks were up, but new crop was down on the smaller production guess. The new crop carryout is seen at 200 million bushels, with a long way to go in the current marketing year.

…