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Modest Buying in the Overnight Session for Grains

Friday's USDA Report Confirmed Increase in Soybeans

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The week started with grains finding modest buying in the overnight session. Outside markets were also relatively muted going into the Morning trade session.

Friday’s USDA report confirmed a 6 million acre increase in soybean plantings as well as a 4 million acre drop in corn and wheat plantings. Meanwhile, quarterly stocks for all three grains came in higher than expected with corn being of importance as a measure of feed use. The higher than trade expected stocks number implies USDA’s 8% increase in corn feed use will likely need to be ratcheted lower.

Argentina harvest was slowed over the weekend on heavy rains and more unwanted rains will return next weekend, keeping harvest limited. Brazil has had dry weather of late to help speed along soy harvest, but rains are likely in the 6-10 day forecast which should benefit the 2nd season corn crop.

In international deals, Iraq got little interest in their “installment plan” in paying for wheat purchases, so they pulled a tender on 50,000 MT. A South Korea feed group bought 125,000 MT of feed wheat from optional origin sources.

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