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Corn Steady to Firm this Morning, but Range Bound

Traders continue to weigh the impact of excessive spring rains in the eastern Midwest

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Grains continued to inch higher overnight while crude oil moved lower in the night session.

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Soybeans have found some support thanks to a labor strike at Argentina ports. The strike is expected to persist thru the weekend and will stall the flow of soybeans, soymeal and some by-products.

In international deals, Egypt bought 180,000 MT of wheat which will be sourced from Russia and Romania. The previous Egyptian deal had seen the US garner some of the business but this tender saw the US shut out. Two South Korean feed groups bought 60,000 MT of corn which could be of optional origin.

The European Commission on Thursday lowered its monthly estimates of EU production of 2017/18 wheat. They pegged the 28-country European Union wheat crop at 141.3 MMT from 141.9 MMT a month earlier. Russia’s Ag Minister also downgraded the expected size of the wheat there to 100-105 MMT.

Crude oil found support from yesterday’s report from American Petroleum Institute (API) showed crude inventories were down by 8.7 million barrels at 513.2 million in the week to May 26.

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