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Todd's Take
Todd Hultman DTN Grains Analyst
Tue Aug 12, 2014 03:26 PM CDT

On Tuesday, USDA released its monthly supply and demand estimates for August. It pegged U.S. soybean production at a record-high 3.816 billion bushels, resulting in a plentiful 430 million bushels of ending stocks for 2014-15, up from 140 million bushels in 2013-14. Expectations were bearish going into the report with a chance for surprise, as USDA's August report is the first one in 2014 to include observations from field samples. But no surprises emerged. Bearish market expectations for a large fall harvest remain intact.

In spite of the bearish outlook, November soybean prices have held up relatively well so far, ...

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