Soybeans were higher on commercial and technical buying. CONAB lowered its crop guess for Brazil to 146.859 million tons, below the USDA’s last estimate of 155 million and much closer to, but still above, many private estimates. Brazil’s harvest is over the halfway point, and they still have an export price edge, even with a recent increase in basis. CONAB cut exports, but Brazil will remain the world’s biggest exporter of soybeans. Safras e Mercado says 36.6% of the 2023/24 crop has been sold, ahead of 2022/23, but slower than average with some farmers holding out for higher prices.

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