USDA supply & demand report sparks grain gains

Soybeans were able to gain support following USDA’s World Ag Supply and Demand report that came out ahead of midday on Friday. USDA’s estimated soybean ending stocks fell 25 million bushels from last month to 260 million. The Buenos Aires Grain exchange recently lowered its soybean ratings further, adding support into the market. CONAB, Brazil’s equivalent of the USDA, recently lowered its soybean production estimate to 122.4 million metric tons. Soybean crush margins continue to be strong adding positive signals to traders.

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