USDA did not make any significant changes in its March supply and demand report. Global Commodity Analytics and Consulting President Mike Zuzolo says that may be considered supportive to the ag commodities. “Key pieces of the puzzle didn’t change and that’s mildly supportive. First with the demand side for the United States, both exports and crush numbers kept the same.” Zuzolo thinks another supportive factor is South American soybean production. “We also saw the combined soybean production number come in at 181.3 million tons. The range was 180 to 184 million tons. I think the trade has priced this in and I wonder if we’re preparing for a sell the rumor, buy the fact situation.”
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