Soybeans were mixed on bull spreading. The USDA lowered U.S. ending stocks 15 million bushels to 210 million, with a cut in crush canceled out by higher exports and the department reduced the crop estimate for Argentina because of ongoing drought. Argentina’s crop is now seen at 33 million tons, 8 million less than the February estimate, which pulled global production lower. The USDA also lowered exports by Argentina and raised the import projection as Argentine crushers try to meet customer demand.

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