Soybeans were mixed, with nearby contracts down and deferred months up on bear spreading. Brazil’s harvest is past 60% complete and their basis is moving lower, adding to their export advantage. The USDA’s next round of supply, demand, and production numbers is out April 11th, along with CONAB’s updated outlook for Brazil. Domestic crush demand is solid, canceling out some of that bearish export impact from Brazil. Conditions in Argentina are mostly favorable, with production expected be roughly double 2023.
