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September soybeans take the lead

Soybeans were higher on commercial and technical buying. September led the way on the tight supply and solid demand, while the other months followed, watching the weather. USDA reports 95% of beans are blooming, matching the five year average, with 83% at the pod setting stage, compared to 79% on average. 71% of soybeans are in good to excellent shape, up 1% on the week. Soybean meal and oil were higher, following the lead of beans.

Corn was lower on fund and technical selling. Corn’s also watching the weather and while rainfall would be beneficial, there’s some concern about temperatures. According to the Ag Department, 70% of corn is at the dough making stage, compared to 63% on average, with 22% dented, compared to 27% on average. As of Sunday, 72% of corn is rated good to excellent, down 1% from a week ago, but still well above a year ago. Ethanol futures were lower.

The wheat complex was lower on fund and technical selling. There’s been more rain in the Southern Plains, recharging soil moisture ahead of winter wheat planting. USDA states the winter wheat harvest is pretty much over, while spring wheat is 17% harvested, compared to 33% on average following rainfall around the Northern Plains, with 68% of spring wheat called good to excellent, down 2% from last week. Still, at least right now, the delays and potential impact on quality don’t seem to reach the level of concern faced by Europe’s crop. The complex is also keeping an eye on the situation in Ukraine.

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