Wheat surges post USDA numbers

Soybeans were higher on short covering and technical buying. The USDA’s old crop ending stocks and 2022 production estimates were larger than expected, while new crop stocks were smaller. Of course, those 2022 production and new crop ending stocks estimates are highly subject to change in the coming months. Parts of the region are expected to see more planting delays over the next few days. There were minimal changes to South American production projections, with a slight reduction for Argentina.

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