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Wheat Took a Break in the Overnight from its Recent Slide

Soybeans Continue to see Mounting Losses

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Grains were mixed overnight as wheat took a break from its recent slide and inched higher while soybeans continued to see mounting losses, reaching their lowest mark since October.

Overnight, the Taiwan Flour Millers' Association purchased 98,200 MT of milling wheat to be sourced from the US in a tender which closed on Friday. Jordan was also in the market for 50,000 MT of hard red milling wheat. Grain industry lobby Coceral on Friday forecast that soft wheat production in the 28-country European Union would rise to 144.8 MMT this year from 135.1 in 2016.

The US weather forecast continues to show good chances of rain in the drought-stricken areas of the Southern Plains. However, the latest model guidance for the 15-day total shows moisture levels that are slightly lower in key states than was previously projected. The bulk of the rain is expected next Wed/Thu and then another system on the following Sat/Sun.

Brazil continues to have fallout from its meatpacking crisis. The EU has asked Brazil to voluntarily suspend all shipments of meat to its member countries to avoid imposing a ban that would take time to lift. Brazilian meat exports are in a tailspin following a police investigation into corruption involving food-sanitation inspectors and accusations that rotten products were sold. The prospect for weaker feed demand in the country seems very real which could force even more grains in SA to hit the world market.

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