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Grains and oilseeds consolidate

Soybeans were mixed on commercial buying in September against speculative selling in the other months. The trade’s also at least a little concerned about a cooler, wetter weather pattern in parts of the Northern Midwest, but fundamentals are bearish. Early yield reports for soybeans have generally been strong. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was steady to fractionally lower. Early yield reports for corn have also been good and the trade’s expecting a very large, if not record, crop this year. Past that – there was no fresh supportive news and buying interest is very limited. Ethanol futures were higher. Ethanol production for the week ending August 22 averaged 913,000 barrels per day, down 24,000 on the week. Ethanol stocks were 17.3 million barrels, down 5.1%, and the largest week to week change since the week ending January 17.

The wheat complex was mixed, with Chicago and Kansas City up on technical buying. The trade’s watching spring harvest delays and what has been harvested is moving slowly due to a lack of railcars. The trade’s also keeping an eye on quality concerns in Europe. Egypt bought 175,000 tons of wheat (115,000 tons from Russia and 60,000 tons from Romania). According to Allendale, Algeria is rejecting French wheat, claiming Paris blended imported high quality wheat with poorer quality domestic supplies to make milling grade wheat.

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