Soybeans closed modestly higher on short covering and technical buying, following a muted initial response to the USDA reports. The USDA confirmed record soybean production, higher quarterly stocks, and higher U.S. ending stocks, with a lower U.S. export projection. Those were mostly cancelled out by the department lowering production estimates for Argentina and Brazil and the import guess for China. China continues to be a big question mark. A U.S. delegation is headed to China next week and while President Trump and President Xi might not meet until after March 1st, the deadline for negotiations could be pushed back.
Continue reading Soybeans up, corn down after USDA numbers at Brownfield Ag News.
