Soybean acreage and yield surprise the trade.

The one market we were most concerned about for potential downside today was the main winner of the day. USDA's declines in both acreage and yields were more than the trade expectation. Some might also suggest this market wants to trade some type of La Nina premium here as well. Brazil's soybean yield determination is in December/January. Today's trade poked just above the prior high from late July. The days close was the best of this Outside markets remain a moderate concern.

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