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Soybeans higher on export, weather news

Soybeans were higher Thursday on bullish export news.  The USDA said last week’s export sales were 4.9 million bushels and shipments totaled 13 million bushels. That brings total sales and shipments so far this season to 1.85 billion bushels.  That’s 42 million more than the USDA estimated for the entire season.  Reported on DTN, the Climate Prediction Center July forecast is mostly favorable for soybeans, but shows above-average precipitation for Missouri and Illinois threatening to limit soybean acres.

Corn closed lower Thursday. The rain over Oklahoma, Arkansas, and southern Missouri offers some support because it threatens to take acres out of production. But the Climate Prediction Center’s new forecast for July is mostly bearish for row crops, with below-average temperatures in the central Plains and above-average precipitation in the western Midwest. The export numbers from the USDA were neutral-to-bearish for corn.  DTN says corn may begin to get commercial support at these lower prices.

Chicago wheat traded much of the Thursday session higher, but closed lower. The rain in Oklahoma, Arkansas, Missouri, Nebraska and Kansas added support because of harvest delays, but that gave way to more selling late in the session.  The USDA export sales were small and bearish, keeping domestic wheat supplies plentiful.  Spring wheat will benefit from light to moderate showers if the forecasts hold for the Northern Plains and western Canadian Prairies, but the Pacific Northwest remains dry with above average temperatures expected in July.

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