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Excess rain boosts soybean, corn and wheat markets

Soybeans recovered some of last week’s losses by Wednesday. Rain is slowing soybean planting causing concerns about how many acres will remain unplanted.  Ample world supplies of soybeans are limiting gains, but DTN says emotion could keep trade active this week.

Corn was higher Wednesday. Support came from follow-through buying after the firm trade on Tuesday, along the lower crop ratings and concerns about too much rain.  Early planted corn is able to take the excessive rain better than soybeans can, but there are concerns about production and yield losses.

Wheat was higher Wednesday because of the lower dollar and because of spillover support from soybeans.  Rain is delaying the wheat harvest in eastern Texas and Oklahoma, which limited selling interest Wednesday.  The Canadian Prairie needs rain and they may get some, but there are concerns about Russia being dry. Export demand will need to pick up for wheat to rally.

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