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Grains Weaker in the Overnight

In Outside Markets the US Dollar was Higher

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Grains were weaker overnight with soybeans leading the complex lower on a 4-cent decline. In outside markets, the US Dollar was higher while equities and crude were in the red to start the day.


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Soybean imports to China in April rose 13.4% from a year ago, supported by strong demand from the soymeal industry, data from the China Customs showed on Monday. The total for the month was 8.02 MMT and marked the 4th month in a row of record imports. For the first four months of 2017 Chinese imports are up 18%. China will produce 14.3 MMT of soybeans this year, up 9.2% from 2016, said the China National Grain and Oils Information Center on Monday. Corn output will fall 3.7 percent to 211.5 MMT.

In the US, weekend rains were confined to the ECB and Southeast while the US Plains and WCB were dry helping to provide some drying relief. Rains this week are expected to be less intense compared to last week. A swath of moisture should bring 1 to 2 inches of rain from KS to IN this week, but Northern areas should remain fairly dry. But, next week more intense rains should return, targeting saturated soils in MO/IL/KY/IN.


In overnight deals, Pakistan reportedly bought 60,000 MT of US soybeans. Iraq received offers on its wheat tender with the lowest offer coming from US sources. Jordan also was tendering for 100,000 MT of hard milling wheat.

In outside markets, the election of French President Macron was as expected and markets breathed a sigh of relief. Oil prices were trying to stabilize after the intense sell-off last week. OPEC meets on May 25 when it is expected to discuss extending the cuts to the end of 2017, although analysts say a further six-month extension may not be enough.

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