It was another day of trading in the green in the overnight for grains and the soy complex only to fail following through in the day session for wheat and soymeal. All major ags opened higher but soymeal quickly reversed, and all three wheats headed south about an hour into the session. Monday’s WASDE report is expected to be somewhat bullish for old crop corn and soybeans and the trade positioned that way today. By contrast, weather and stocks weigh heavily in the wheat market. Volume was mixed with corn, soyoil and SRW having lighter interest, but soybeans and HRS seeing more action. For the week, only the cattle market closed higher. Directionally, the market looks like this:
It was the seventh week in a row lower for soymea...
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