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As of Dec. 6, 79% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, down one percentage point from the previous week.
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Corn, soybean and wheat futures modestly built on Wednesday’s gains during overnight trade.
Boxed beef and pork cutout prices continued their recent slide.
Soybean futures extend gains, end at 2 1/2-month high on soymeal rally, strong demand; corn and wheat also higher.
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Soybean futures extend gains on demand optimism, wheat firmer in corrective bounce, corn down slightly.
Soybeans traded higher but within Tuesday’s range, while soymeal futures posted new highs. Wheat futures were supported by mild corrective buying, while corn posted light, two-sided trade overnight.
China continues to pivot on zero-Covid constraints
Soybeans post firm gains on fresh China demand, soymeal rally; corn ends near 3 1/2-month low, wheat lower.