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Soybeans, corn, wheat lower on rainy forecasts

Soybeans were lower on favorable harvest weather in Brazil.  DTN quoted a private firm saying 70 percent of Brazil’s harvest is done. U.S. export business continues to slow as Brazil’s shipments pick up.

Corn extended its losing streak to six consecutive days, although the nearby was only a half-penny lower.  Weather is bearish in the U.S. and South America.  In the U.S., forecasts have rain in the country’s driest areas. Corn demand, however, is still good.

Wheat’s lower, pressured by rain forecasts for much of the U.S. wheat growing area. Temperatures are expected to stay safely warm this week as well.  Wheat supplies are also bearish.

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