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Soybeans Continue to Strengthen

Crude Oil Continues to Slip Lower

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Soybeans continued to strengthen overnight while corn and wheat slipped lower following yesterday’s positive gains. In outside markets crude oil continued to slip lower hitting its lowest mark since December.

China will consume more corn in 2016/17 than previously forecast as demand for the grain in livestock feed will rise after China slapped anti-dumping duties on U.S. distiller's dried grains, an influential report said on Wednesday, pushing up prices. In a daily report, the China's National Grain and Oils Information Center (CNGOIC), an official think-tank, raised its estimate for corn consumption for the 2016/17 season to end-September to 197.6 million tonnes, up 21 million tonnes from the 2015/16 year. The forecast is up by 500,000 tonnes from a previous estimate made in January.

Brazil has begun its 2016/17 soybean exports as it looks to start off-loading what should be a record-large harvest. The shipping schedule on the docket for February is rather aggressive, but there is good reason to believe that soybean exports will push to new highs for the month. Brazil, the leading exporter of soybeans, is expected to ship roughly 60 million tonnes of the oilseed over the next year – some 17 percent greater than the country’s 2015/16 effort.

India has bought more than five million tonnes of wheat since mid-2016, already its biggest annual purchase in a decade, after it began an import campaign to meet a supply shortfall left by two years of lower production. The country is slowing down imports ahead of the harvest in April and purchases in the months ahead will depend on production this year, two traders told Reuters on Wednesday.

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