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Soybeans, corn up on weather uncertainties

Soybeans were higher on short covering and technical buying. Forecasts for rain coverage continue to look mixed, beneficial in some areas, completely missing others. Demand is strong with only a couple of weeks left in the marketing year. The 2017/18 marketing year for soybeans, and corn, starts September 1st. Soybean meal and oil followed beans higher. Bean oil had additional support from strength in crude oil.

Corn was modestly higher on short covering and technical buying. Corn’s also watching the weather, especially the chances for rain in dry parts of Illinois and Iowa. Some forecasts do have another round of hot temperatures soon. Major crop tours are scheduled to be ongoing over the next few weeks, starting next week. The USDA’s next set of supply, demand, and production numbers is out September 12th. Ethanol futures were mixed.

The wheat complex was mixed. Chicago followed corn with new interest around the recent lows, but it’s hard to get a lot of traction because of the global supply. Kansas City was mostly fractionally higher on an oversold bounce; Minneapolis was down modestly on harvest pressure. Forecasts have more soil moisture recharging rain in parts of the winter wheat growing areas of the Midwest and Plains. Most of the northern Plains should stay dry, helping harvest.

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