Grain futures make modest adjustments digesting USDA reports

Soybeans are traded lower on profit taking. Covid related lockdowns continue in China with Shanghai, its largest city, still closed. Despite the lockdown, USDA announced this morning that China purchased another 145,000 tons of old crop U.S. soybeans. South American crops have been diminishing which the market is expecting to be reflected in USDA’s global supply and demand report Friday; an extreme or minor drop in South American crop expectations would likely be a solid market mover.

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