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Mostly lower finish for grains and oilseeds

Soybeans were lower on profit taking and fund selling, along with spillover from the outside markets. Contracts started higher but couldn’t follow through due to the lack of fresh demand news and generally good planting conditions in South America. Still, farmer selling remains slow, keeping the nearby supply tight. Soybean meal and oil followed soybeans and many other commodities lower. Noble Group, via Dow Jones Newswires, sees China’s 2011/12 marketing year soybean imports at 60 million tons; Beijing’s most recent marketing year started October 1. USDA’s weekly export sales report is out Thursday at 7:30 AM Central. Soybeans are pegged at 700,000 to 1.2 million tons, meal is seen at 75,000 to 250,000 tons, and oil is placed at 5,000 to 15,000 tons.

Corn was lower on fund selling, profit taking and spillover from beans and the outsides. However, farmer selling for corn is also slow and the weekly export sales are expected to be strong. In any event, there was no real fresh news and traders continue to watch the harvest. Ethanol futures were mostly lower. Weekly U.S. corn sales are expected to be big following last week’s interest from China and unknown destinations. The range of analysts’ estimates runs from 1.7 million to 2.5 million tons.

The wheat complex was mostly lower. Chicago and Kansas City were down on profit taking and spillover from corn, beans, and the outsides. Minneapolis was up modestly on the comparatively bullish supply and demand outlook for hard red spring. The global fundamentals remain bearish, especially on the supply side of the ledger. European wheat ended the session flat. Japan bought 12,350 tons of feed wheat in a sell-buy-sell tender and Taiwan issued a tender for 44,000 tons of feed wheat. Ukraine’s Agriculture Minister, via Dow Jones Newswires, expects Kiev’s 2011/12 exports to hit 27 million tons out of a crop of 53 million tons, both up from the previous projections. USDA’s Ag Attaché in Poland sees 2011/12 grain production at 26.3 million tons, down 3.5% on the year due to heavy rainfall before and during harvest. Weekly U.S. wheat sales are projected at 400,000 to 650,000 tons.

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