Soybeans were mixed on bear spreading, pressuring nearby contracts while supporting deferred months, but ended the week with strong gains. The USDA left U.S. ending stocks and South American production estimates unchanged with November. The Brazil guess is a little bit below the most recent number from CONAB, while Argentina’s estimate will likely change once planting has ended. China’s import and crush use projections were also steady, even though the numbers were assembled before Beijing’s official relaxation of their zero-COVID policy, while Argentina’s export estimate was above a month ago.
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