Soybeans were higher on short covering and technical buying, recovering part of Tuesday’s losses. The USDA is projecting lower crush and export demand this marketing year due to competition from South America but is also expecting tight new crop supplies. The USDA’s yield estimate could see further reductions once harvest starts, which would pull supplies down even further unless there’s more aggressive demand rationing. The USDA’s weekly export sales report is out Thursday morning. The trade will be watching demand from China closely.
