Soybean futures faced a setback following the USDA's highly anticipated monthly WASDE crop report, which revealed a larger-than-expected upgrade to its projections for US stocks in the 2023/24 season, according to insights from CRM Agri.
While prices recovered somewhat by late morning, the market moves underscore how participants are shifting their focus back toward forecasts of a glut of grain and oilseed production this year
At the onset of the week, US grain prices experienced an increase, but later faced downward pressure following the release of the USDA’s World Agricultural Supply and Demand Estimates (WASDE).
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