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Soybeans, corn post gains

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Soybeans were higher on fund and commercial buying. The trade’s looking at solid demand and there’s talk that China will be in the market for more beans soon. Past that – growing conditions around South America look generally good. Soybean meal and oil followed beans higher.

Corn was higher on fund and technical buying. There was no real fresh supportive news and business was light. The trade’s waiting for the USDA numbers out Monday, January 12, including the 2014 production totals and the next set of quarterly stocks estimates. Ethanol futures were higher.

The wheat complex was mixed. Russia has put a tariff on wheat exports, but not as high as some were expecting. In any event, the overall fundamentals look neutral to bearish. There’s a lot of wheat available, globally, and wheat’s always being harvested somewhere in the world.

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