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Soybeans down, corn up ahead of Memorial Day weekend

Soybeans were lower on commercial and technical selling, extending the run to new one year lows. Overall demand should continue to be good, but exports have taken a hit from record South American production. The Buenos Aires Grain Exchange says 80% of Argentina’s harvest is complete. There’s a fair amount of uncertainty about where U.S. acreage will end up this year, with an official USDA estimate out June 30th. Soybean meal and oil followed beans lower.

Corn was higher on commercial and technical buying. Friday’s forecasts for the weekend had at least some rain in parts of the Cornbelt with some crop insurance dates coming up fast. The first U.S. condition rating of the season is expected to be out Tuesday, with a lot of uncertainty. Markets are closed Monday for Memorial Day. DTN notes corn volatility typically increases after Memorial Day. Ethanol futures were higher.

The wheat complex was higher on commercial and technical buying. The trade has concerns about winter wheat yields and protein content with widespread harvest activity about to get underway and more rain in the forecast for soft red winter growing areas. Minneapolis had support from solid demand for high protein wheat and spring crop condition concerns. The gains were made in pretty light pre-holiday volume and despite a higher dollar. SovEcon raised its Russian wheat production estimate to 63 million tons. Japan bought 79,930 tons of U.S. food wheat, along with 37,870 tons from Australia.

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