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Another strong session for soybeans

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Soybeans were higher on fund and commercial buying. China bought another 118,000 tons of 2014/15 U.S. beans and it was a strong week for export sales numbers. That new sale to China followed up on Wednesday’s purchase of more than 400,000 tons. Harvest forecasts look mixed, with more rain in some areas. Soybean meal and oil followed beans with meal outgaining oil.

Corn was higher on fund and technical buying. December closed at a new seven week high. Weekly export sales on corn were strong, but the shipments were only neutral. Past that – corn’s also watching the weather with rainfall moving across the Cornbelt. Ethanol future were lower.

The wheat complex was mostly higher on fund and technical buying. December Kansas City was the exception, ending the day unchanged, while December Chicago settled at a six week high. The delays in the corn and soybean harvests are leading to delays in winter wheat planting, especially for soft red winter. Demand continues to be a little disappointing with another slow week for export sales. Japan bought 88,200 tons of U.S. food wheat, along with 21,500 tons from Australia.

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