Soybeans were higher on fund and technical buying. The USDA cut U.S. ending stocks, with a decline in quarterly stocks and 2022 production below 2021. The USDA did raise the soybean guess for Brazil while lowering the outlook for Argentina. The Rosario Grain Exchange cut its outlook for Argentina to 37 million tons, compared to their last guess of 47 million. CONAB has Brazil’s bean crop at 152.718 million tons, 0.5% less than December, but still record large and up 21.6% from 2022.
