Soybeans were mixed, mostly modestly lower. Private firms and the USDA FAS are projecting a record crop in Brazil this year, likely canceling out the expected losses in Argentina. Updated numbers from CONAB for Brazil and the USDA Office of the Chief Economist are out Thursday. The USDA’s attaché in Brazil estimates the crop at 153 million tons, up 1 million from the most recent OCE guess and 26.4 million more than a year ago, but with the FAS noting that could be reduced unless there’s timely rain in southern growing areas.
