Soybeans were mixed on bull spreading, while ending the week with solid gains. Nearby contracts had more support from Thursday’s USDA reports, with bullish surprises in U.S. production, carryover, and quarterly stocks. Dry weather remains an issue in Argentina, while most of Brazil looks good. Further reductions in Argentina’s crop are likely and though we have probably seen the high-water mark for Brazil’s crop already, more changes are possible as harvest moves forward, even though record production remains probable.

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