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Without the U.S. grain supply estimates up for revision this month, most of the focus for today’s crop report was on the outlook for demand and expectations for production in South America. The government analysts made small changes to the usage estimates that did not seem all that necessary but for the purpose of cushioning ending stocks a little further. The food demand estimates were cut for corn and wheat while exports were trimmed for soybeans. Domestic carryout estimates for all three crops came in above the average trade guesses. The USDA production estimates for Brazil remained frustratingly out of touch with everyone else’s view of reality.   Before the USDA report was released today, Brazil’s CONAB agency issued fresh estimates of its own. CONAB dropped Brazil’s soybean estimate down almost 6 million metric tons (mmt) to 149.4 mmt – USDA would later cut its estimate for the crop by only 1 mmt to 156 mmt. USDA also widened the gap over CONAB’s estimate for last year’s soybean crop, which the USDA raised to 162 mmt versus CONAB at 154.6 mmt.  The USDA’s new forecast for Brazil’s corn crop was lowered to 124 mmt, but it was still a touch…

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