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US futures hardly change overnight

Updated Mar 21, 2023
US soybeans and grains futures were little changed in overnight trade as traders weigh the ongoing harvest in Brazil against falling expectations for the crop in Argentina. Brazilian producers are reaping what should be a record crop for the South American country, the world's biggest exporter of the oilseed.
More supply being brought to market usually means lower prices. The cost of soybeans to export from Brazil last week fell to near a 14-month low, according to S&P Global. Free-on-bard soybean prices have fallen below $550 a tonne as the harvest progresses, the company said. Brazil is projected by the US Department of Agriculture to produce 153 million metric tons of soybeans this year. If materialized, it would be higher than last year's 129.5 million tons. In Argentina, on the other hand, estimates for the country's soy crop continue to decline. The Buenos Aires grain exchange lowered its crop outlook last week to 25 million tonnes from a previous forecast of 29 million tonnes. The USDA earlier this month forecast Argentina's production at 33 million metric tons, down from the previous projection of 41 million metric tons. That would be down from a year earlier's 43.9 million tonnes, the agency said. Soybean futures for May delivery were up 1¢ to settle at $14.87 a ...
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