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Soybeans posted double-digit losses overnight coming out of the extended weekend, while corn was slightly lower. Wheat futures posted corrective gains.
Corn futures close near one-month low, soybeans down sharply with rain relief predicted for South America; wheat extends slump.
Wheat futures expected to extend declines as USDA’s higher acreage, corn and soybeans also lower.
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Soybeans, wheat and soymeal within expectations
Soybean futures pulled back from Wednesday’s gains overnight, while corn and wheat faced followthrough selling.
Boxed beef prices strengthened over the past week, while the cash cattle price weakened.
Soybeans climb after USDA lowers South American crop forecasts more than expected, wheat futures drop on higher seedings.