Soybeans were mixed on bull spreading. The USDA’s domestic production and ending stocks estimates were both a little bit larger than expected, with higher production canceling out greater crush use, and the world numbers were bearish. World ending stocks were higher with production slightly lower. The USDA did cut the crop guesses for Argentina, the European Union, and Mexico, but that was offset by the gain in the U.S. with no change for Brazil. USDA did raise the export outlook for Argentina slightly, while leaving exports for Brazil and imports by China steady with October.
