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Grains, oilseeds post good gains

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Soybeans were higher on short covering and commercial buying. Shipping delays out of Brazil could bring at least some export business to the U.S. The question is how much business, with Brazilian prices currently cheaper than U.S. supplies. Conditions in South America generally look good with overnight rainfall in some key growing areas. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. Weekly export sales have been delayed until Friday.

Corn was higher on short covering and commercial buying. Corn’s also watching crop development and early harvest conditions in South America. Corn may be able to pick up some Brazilian export business, with U.S. Gulf prices at a discount to Brazilian supplies. Contracts could stay in this trading range until the late March USDA numbers. Ethanol futures were higher. Weekly EIA production data is delayed until Thursday.

The wheat complex was higher on short covering and commercial buying. Commodities also generally had spillover from the outside markets, with the dollar weak and the Dow and crude oil higher. The Southern Plains and parts of the Midwest will see a big warm-up over the next few days. Wheat’s got solid buying interest at current price levels, despite the continued bearish fundamentals.

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