Soybeans were modestly lower on fund and technical selling. The USDA lowered its 2018 production estimate but is still expecting a record crop with a record average yield. However, these numbers are as of November 1st and don’t include recent damage or fully factor in quality issues, with more harvest delays expected. The USDA did lower the export outlook, sharply, because of China’s tariff on U.S. beans. President Trump and President Xi are expected to meet at the G20 summit in Argentina later this month.
Continue reading Muted reactions to USDA numbers at Brownfield Ag News.
