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Soybeans post solid gains

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Soybeans were higher on commercial and technical buying, buying back most of what was lost Thursday. Forecasts have a few planting delays in the Midwest, along with a drier pattern in Argentina that’s probably too late to reverse some of the damage. The USDA’s new supply, demand, and production numbers, including U.S. and South American production numbers, are out Tuesday. Soybean meal and oil followed beans higher.

Corn was modestly higher on commercial and technical buying. Corn was also watching the weather ahead of the expected late weekend rainfall. Ahead of Tuesday’s USDA numbers, most analysts expect corn production to be up on the year, with some anticipating a crop of more than 14 billion bushels. Israel bought 132,000 tons of 2015/16 U.S. corn and U.S. Gulf prices are below Brazil, so more purchases could be coming. Ethanol futures were higher.

The wheat complex was mixed with Chicago firm to modestly higher on commercial and technical buying. The fundamentals are bearish, but wheat’s still able to generate at least some buying interest. Tuesday’s USDA numbers should just reflect the bearish fundamental influences. The average yield for the Kansas wheat tour was well above a year ago, pressuring Kansas City.

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