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Weather sends soybeans, corn lower

Soybeans were lower on fund and speculative selling. Crop weather generally looks good and the trade expects a record crop. Exports remain solid with Vietnam buying 110,000 tons of new crop U.S. beans, which did support September for much of the session. Soybean meal was mostly lower with September up and the other months down, while bean oil was up on short covering.

Corn was lower on fund and speculative selling. The trade’s watching rain in parts of the Midwest, with more precipitation in the five day forecast. Fundamentals are bearish, but cheaper prices have led to at least some increase in demand. Ethanol futures were higher. The EIA reports ethanol production for the week ending August 15 averaged 937,000 barrels per day, up 6,000 bpd on the week, with stocks at 18.3 million barrels, a 2.8% increase.

The wheat complex was lower on fund and technical selling. Wheat’s watching rainfall delaying harvest in the Northern Plains and around Europe. Wheat’s also looking at bearish fundamentals, but with a limited downside. Taiwan issued a tender for 99,400 tons of U.S. milling wheat. Russia’s Ag Ministry reports 50% of the current wheat crop is harvested.

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