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Beans Sell off Sharply to Start the Week

Beans Selloff Sharply to Start the Week

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Soybeans were sharply lower overnight posting double-digit losses to start the week. Corn and wheat showed more modest losses of 3 cents ahead of the morning break. In outside markets, equity futures were in negative territory and the US Dollar higher.

USDA announced a 105,000 MT sale of corn to Columbia.

Brazil saw some rain over the weekend but dry conditions later this week and into next week in center west crop areas should help speed along early harvest there. Northeastern Brazil will get rain late this week through much of next week favoring some relief from recent dryness.

Argentina was dry during the weekend, but timely rain will fall later this week through next week. The recent dry spell has depleted topsoil moisture, but rain late this week will be timely and sufficient enough to prevent any long term stress.

On Friday, USDA reported cattle on feed numbers higher than expected with December at 100% of the same month last year vs 99% expected by the trade. More problematic was the 118% placement number vs 108.4% expected. This will likely pressure back months going into today’s cattle open.

Also on Friday Japan's Ministry of Agriculture bought a total of 110,687 tonnes of food quality wheat from the United States and Canada in a regular tender that closed late on Friday, 60,000 MT of the deal going to the US.

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