Crop Rally Pauses After USDA Supply Outlook Disappoints Bulls
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Global soybean and grain markets are getting tighter but not enough to entice significant new buying from traders.
Stronger demand for soybeans at American processing plants will shrink supplies left over next year to a seven-year low of 175 million bushels, the U.S. Department of Agriculture said Thursday in its monthly WASDE outlook. That’s down from the government’s estimate in November of 190 million, but above the average analyst estimate for 169 million bushels.