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Grains Start the Day in Positive Territory

Crude Oil added to yesterday's gains

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Grains were in positive territory to start the day with soybeans leading on a 10-cent advance. In outside markets, crude oil and equity futures continued to add to yesterday’s gains.

Soybeans were up today buoyed by strength of late in soymeal. Slow farmer selling in Argentina is helping support soymeal prices as international buyers usually find ample supplies from South America this time of year. Also supporting soymeal was word that ADM’s Frankfurt, IN soybean plant was idling for maintenance.

In weather, rains is expected to be focused on the center of the US with rains across the W. Midwest will keeping planting slow. The western Midwest finally gets a needed break beginning the middle of next week which promises a longer window to catch up soy seeding and this will extend into the eastern Midwest as well.

In overnight export deals, a South Korea feed dealer bought 60,000 MT of feed wheat optional origin while another group in South Korea issued a tender for 70,000 MT of corn.

API crude stocks data on Tuesday was supportive as weekly inventories shrunk by 5.1 million barrels versus trade estimates of a 3.3 million barrel decline. That marks the 2nd week in a row of declining API crude stocks, and is the first time since early January that crude stocks reported by API fell for two weeks in a row. Official government data from EIA will be released at 9:30 am CDT today with the data expected to show a 2.4 million barrel drop from last week.

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