Soybeans were lower on commercial and technical selling, up from the lows, but adding to what already would have been a down week. The 2023 U.S. crop was a little bit larger than expected, pulling ending stocks higher, while quarterly stocks were lower. There were no major changes to the U.S. supply and demand tables, just a slight reduction in residual use. The USDA raised its crop outlook for Argentina and while Brazil was down, it’s still above the most recent guess from CONAB.
