Soybeans and grains were little changed in overnight trading as traders await tomorrow's World Agricultural Supply and Demand (WASDE) estimates, according to agriculture.com. The agency is expected to lower its outlook for soybean production in Argentina due to drought conditions that have reduced production in the South American country. Production will likely be seen by the USDA at 36.7 million tonnes, according to a Reuters poll. That would be lower than the February forecast of 41 million metric tons and well below last year's 43.9 million metric tons, government data show. Reuters reported, down from the previous forecast of 47 million tonnes and last year's production of 49.5 million tonnes.
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Brazil's soybean and corn production projections are likely to change little. Soybean production in Brazil is likely to be estimated at 152.9 million tonnes, the survey said. The USDA last month expected 153 million metric tons. Corn production will be 124.9 million tonnes, Reuters reported, slightly down from 125 million tonnes a month earlier, but up from the 116 million tonnes produced last year. Supporting wheat prices, meanwhile, is last week's dry weather across the southern US plains. All of southwest ...
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