USDA numbers pressure corn, soybeans, wheat

Soybeans were lower with several months down sharply on speculative and fund selling. USDA reports the 2011 crop at 3.056 billion bushels, above trade expectations, with an increase in domestic ending stocks. However, the Ag Department did lower its production outlook for South America and there may be more cuts in the coming months. Brazil’s Agroconsult sees 2011/12 soybeans at 73.52 million tons, down 2% on the year. Ahead of the open, unknown destinations bought 414,000 tons of 2011/12

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