Soybeans were mixed. Soybeans are watching late harvest activity in Brazil and the slowly advancing harvest in Argentina. Brazil’s harvest is nearly wrapped up and while prices are moving higher, they still hold a competitive advantage over the U.S. That’s significantly cut into U.S. export business, especially with China. Meanwhile, Argentina’s harvest is being hampered by wet conditions in some areas, which could also impact quality. The USDA’s next round of supply, demand, and production numbers is out May 10th, with CONAB’s updated outlook for Brazil on May 14th.
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