Wheat rises on lower world crop projection

Soybeans were lower on fund and technical selling. The USDA did lower production and yield following this year’s drought, which cut new crop ending stocks, but the USDA also reduced new crop crush and exports. Global ending stocks were above expectations with a higher export guess for Brazil. Production estimates for Argentina, Brazil, and Paraguay were unchanged ahead of widespread planting in South America. 2023/24 imports by China are now projected at 100 million tons, up from August, but down from 2022/23.

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Wheat rises on lower world crop projection