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Quiet, mixed session ahead of Labor Day weekend

Soybeans were mixed on commercial buying against speculative selling. Unknown bought 123,000 tons of new crop U.S. and overall demand remains strong. Still, the longer term fundamentals are bearish and traders expect a record crop. Soybean meal was higher and bean oil was lower on the adjustment of old crop/new crop spreads. First notice day deliveries were largely as expected.

Corn was lower on fund and technical selling. Traders continue to watch the weather, with more scattered rainfall expected over the next few days in key growing areas. Corn’s also looking at bearish fundamentals and expecting a record crop. Ethanol futures were higher. The 2014/15 marketing year for corn and soybeans starts September 1.

The wheat complex was lower on fund and technical selling. The trade’s watching the situation in Ukraine and the domestic spring wheat harvest delays. Past that – there was no real fresh supportive news and world fundamentals are bearish. First notice day deliveries on large on Kansas City, relatively light on Chicago and small on Minneapolis. South Korea bought 63,000 tons of optional origin feed wheat.

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