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Grains, oilseeds narrowly mixed

Soybeans were mostly lower on technical and fund selling, along with spillover from the outside markets. The Dow was lower, but crude oil was up sharply and the dollar flattened out after early gains as the broader market prepared for a Wednesday E.U. meeting. Past that – there was no fresh demand news and no real surprises in USDA’s weekly harvest update. Soybean meal was higher and bean oil was lower on the adjustment of product spreads. The Soybean Processors’ Association of India, via Dow Jones Newswires, estimates India’s 2011/12 soybean crop at 11.94 million tons, up from earlier guesses thanks to improved yields.

Corn was mixed in consolidation trade. Corn was also looking at a lack of fresh news and commercial interest has been declining over the last few sessions. USDA’s weekly numbers did show harvest delays in parts of the Eastern Cornbelt but the overall pace remains well ahead of average at 65% complete as of Sunday, compared to the five year average of 51%. Ethanol was mixed, mostly higher.

The wheat complex was mixed on the mostly firm dollar and a lack of fresh supportive news. Taiwan bought 43,950 tons of U.S. wheat (18,850 tons dark northern spring, 13,800 tons of hard red winter, and 11,300 tons of western white), but Japan appears to be mostly covered for the time being, and China’s expected to increase acreage this year; also, over the past two weeks, according to DTN, Beijing has purchased roughly 500,000 tons of Australian wheat. Still, there’s a lot of concern about dry weather in the Southern Plains and its continued impact on the hard red winter crop. European wheat was up ahead of the debt crisis meeting scheduled for Wednesday. Egypt issued a tender for at least 110,000 tons of wheat, including Ukrainian origin for the first time since 2008, and Jordan bought 100,000 tons of hard wheat from Ukraine. Russia’s Ag Ministry reports 96% of the expected grain area is harvested with the running total at 95 million tons.

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