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Grains Continue to Sink Lower

Crude Oil found strength as traders look for shrinking US inventories.

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Grains continued to sink lower on expectations of huge crops out of South America, while in outside markets equity futures and the USD moved higher.

Soybeans are still being pressured by expectations of good rain in Argentina mid-week and into the weekend. Beans fell below $10.20 for the first time since November 22 and has it sights set on the 50-day MA around $10.08. For corn, the 50-day MA is around $3.50 right around the $3.52 last trade. Brazil has widespread rains as well except for the far North where there is limited grain crop production.

In China, soybean futures also fell overnight, but hog margins continue to be strong. There was some interest in wheat buying as Taiwan and Egypt were tendering for wheat.

Crude oil found strength as traders look for shrinking US inventories. The US dollar continues to firm touching back to the 14-year highs hit late last week.

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