Thursday, 13 September 2012 04:47
* Soybeans bolstered by traders exiting long corn/short soybean spreads.
* Market's rise halted a five-day selloff tied to profit-taking from last week's all-time high and fears that the USDA might raise its soy yield estimate, as a few private forecasts had suggested.
* Technical buying accelerated after benchmark November soybeans climbed back above the 20-day moving average, a day after closing below that line for the first time in a month.
* The USDA lowered its forecast of US 2012 soybean production to 2.634 billion bushels, from 2.692 billion in August. The USDA cut its soybean yield forecast to 35.3 bushels per acre, from 36.1 last month.
* The USDA cut its estimate of US 2011/12 soybean ending stocks to 130 million bushels, from 145 million in August, reflecting an increased US soybean crush.
* The USDA is scheduled to report at the end of this month on Sept. 1 quarterly soy stocks, and that figure will stand as the final 2011/12 soybean ending stocks figure.
* The USDA left its forecast of 2012/13 soybean ending stocks unchanged at 115 million bushels.
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