Soybeans were sharply higher on commercial and technical buying. The trade is more optimistic about a deal with China following recent actions by both Beijing and Washington D.C. on tariffs. There was talk during the session China bought U.S. soybeans, but nothing will be confirmed until Friday at the earliest. The USDA’s production estimate was a little bit larger than expected, but still down on the month and the year. Globally, the USDA didn’t make a lot of changes to the balance sheet, leaving South American production and Chinese imports unchanged.
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