Soybeans sharply lower, corn ends week on spread adjustments

The soybean complex closed mostly lower with some spread adjustments in deffered soybean contracts. Nearby contracts continue to trade lower following USDA’s estimated record 91 million U.S. soybean acres for this growing season. Expected soybean ending stocks are also driving the market downward. Lower moves for crude oil this week have added downward pressure for soybean oil. Private Brazilian soybean production estimates are continuing to fall, giving U.S. soybeans more opportunity on the global market.

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