Soybeans were lower on fund and technical selling. The lone change for carryout projections was that new crop U.S. ending stocks were up on the month following a reduction in the old crop crush. That pushed 2023/24 U.S. ending stocks to 350 million bushels and 2024/25 to 455 million, compared to the 264 million at the end of 2022/23. The USDA’s crop guess for Brazil was slightly lower, down 1 million tons to 153 million tons, with no change for Argentina at 50 million tons.
