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Weather sends corn, soybeans lower

Soybeans were lower on fund and technical selling, with November moving close to its contract low. Weekend crop weather was good and while temperatures this week are warmer, they look non-threatening. According to USDA, 60% of soybeans are blooming, compared to 43% on average, with 19% at the pod setting stage, compared to 17% on average and 73% of the crop rated good to excellent, up 1% on the week. China bought 120,000 tons of old crop U.S. beans and unknown destinations picked up 135,000 tons of new crop cake and meal.

Corn was lower on fund and technical selling, sending December to new lows. Corn’s also watching those forecasts for warmer, but non-threatening, conditions over the next week. USDA reports 55% of corn is silking, nationally, compared to 56% on average and 76% of the crop is rated good to excellent, unchanged from a week ago. Ethanol futures were lower.

The wheat complex was lower on fund and technical selling. Winter harvest conditions and spring development weather both look generally good. For the winter crop, 75% is harvested, matching the five year average, and for spring wheat, 84% is headed, compared to 85% on average and 70% of the crop is called good to excellent, unchanged from last week. DTN reports Pakistan bought 130,000 tons of Black Sea/Ukrainian wheat and Egypt picked up 60,000 tons of 11.5% and 12.5% protein wheat, also from the Black Sea region.

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