Soybeans were higher on short covering and technical buying. Traders squared up positions ahead of Friday’s USDA supply and demand estimates. The USDA is expected to lower its crop guess for Brazil, the question is by how much. This set of numbers was crunched before the harvest hit the halfway mark, so unless the USDA tries to match last month’s deep cut by CONAB, it could be another conservative, and potentially controversial, reduction. CONAB’s updated outlook for Brazil is out March 12th.
