Soybeans, corn react to favorable development weather

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Soybeans, corn react to favorable development weather

Soybeans were mixed on Friday, consolidating and watching the favorable crop development weather forecasts. China made another big purchase of U.S. beans Friday. The 120,000 metric ton sale is for delivery in the next crop year. U.S. soybeans are currently priced under Brazilian soybeans, which is another advantage for U.S. growers in the export market

Corn was mixed on Friday, with not a lot of fresh news for corn after Thursday’s USDA report was near expectations. Corn traders are watching warmer and dryer weather for at least the next 10 days, although many growing areas have had good development weather. Ethanol production, seeing an increase this past week, is a bullish factor for corn demand. DTN says corn demand should continue to improve through the summer.

Wheat closed the Friday trading session higher. The Plains is expected to stay mostly dry in the near term with heat returning to push harvest. There is also little weather change in Europe and Russia. The supply and demand report has wheat production higher with old-crop carryout and new crop both a little higher than expectations. The hard red winter wheat harvest moved into Kansas this past week, according to DTN. There should be no weather issues with the ten-day forecast mostly dry.

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