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Soybeans Lower as USDA Expected to Raise Global Inventories Outlook

Prices Lower as Investors Gear Up For Thursday’s WASDE Report.

Soybean futures were lower in early trading, while grains were mixed ahead of today’s World Agricultural Supply and Demand Estimates (WASDE) report. 

The U.S. Department of Agriculture is expected to increase its outlook for global inventories for both corn and soybeans in today’s monthly report. Brazilian corn output is expected to be bumped higher, in line with private forecasters who also raised estimates recently. 

Also weighing on prices is favorable weather in South America and worries about demand for feed after the outbreak of avian influenza in Tennessee. Several Asian countries have said they’ll ban or restrict imports of poultry and egg products from the U.S. in the wake of the outbreak. 

Soybean futures for May delivery declined 4¾¢ to $10.17 a bushel on the Chicago Board of Trade. Soy meal futures fell 80¢ to $330.30 a short ton, and soy oil lost 0.33¢ to 33.21¢ a pound. 

Corn was unchanged at $3.72¼ a bushel in Chicago.

Wheat for May delivery rose ¾¢ to $4.47¾ a bushel, while Kansas City futures lost 1¾¢ to $4.64¼ a bushel. 

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