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Traders await USDA reports, Conab slashes forecasts and ocean imports into the United States are increasing...
Soybeans led strength overnight while corn saw corrective buying from a fresh contract low. Wheat futures saw renewed selling.
During the week ended Feb. 1, USDA showed net soybean sales of 340,800 MT, short of pre-report estimates, while corn and wheat sales held steady week-over-week.
Mexico surpasses China as top source of goods imported by U.S. for first time in over two decades
Corn and wheat traded lower overnight, while soybeans firmed a little in quiet price action ahead of USDA’s February crop reports later this morning.
Basis turned slightly negative for corn and soybeans despite a big drop in cash prices.