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Bearish fundamentals pressure wheat

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Soybeans were lower on fund and technical selling. The truck strike in Brazil has been suspended until next week, so supplies are heading to ports and fuel is moving to farms. Past that – the trade continues to watch crop weather around South America. Weekly export numbers were solid, with unknown and China the big buyers. Soybean meal was mostly lower, all except lightly traded March, and bean oil was down, following the lead of beans.

Corn was higher on fund and technical buying. It was a good week for corn export sales and a better week for shipments than we’ve seen in a while. Demand remains strong and producer selling is light, but there’s plenty of corn available. Ethanol futures were mixed. Unknown destinations bought 108,000 tons of 2015/16 U.S. grain sorghum.

The wheat complex was lower on fund and technical selling. Weekly export numbers were neutral to bearish with good sales and slow physical shipments. In any event, the dollar was mostly higher and the fundamentals remain bearish. Japan bought 54,600 tons of U.S. food wheat, along with 27,500 tons from Australia and 24,000 tons from Canada. Jordan picked up 50,000 tons of optional origin wheat and South Korea purchased 40,000 tons of optional origin feed wheat.

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