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Expected Soybean Planted Acres on the Rise

Grains found modest support overnight while the US dollar slipped slightly following yesterday’s surge to 13 year highs. Crude oil and equities were firmly in positive territory heading into the morning session.

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USDA announced a 205,000 MT sale of soybeans to unknown destinations.

Yesterday brought news of under performing US crush in November. NOPA pegged the soybean crust at 160.7 MB and a high figure of 162 had been expected by the trade.

Informa Economics continued to ratchet up their US soybean acre forecast for 2017, calling it at 88.8 million. Likewise, they dropped corn acre projections for 2017 to 90.2. If realized, that would amount to a 5.1 million acre build in soybean acres and a 4.3 million acre drop in corn.

In weather, Argentina is expected to see a widespread rain event in the 5-day forecast covering half of the country. What is now considered to be 50% of the crop area is considered dry, but after these rains that area should drop to only 15%.

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