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Monthly index surges erases sharp negative reading

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Slight uptick in weekly cash corn prices.

USDA estimated 40% of the U.S. winter wheat crop was experiencing D1-D4 drought conditions, down 3 points from last week and one point less than last year at this time.

Wheat boasted relative strength overnight while corn and soybeans struggled to follow to the upside.

Net soybean sales during the week ended Nov. 14 rose 20% from the previous week and topped analysts’ expectations by 260,000 MT. Meanwhile, cotton sales during the week rose solidly to a marketing-year high.

Corn and wheat futures modestly built on Wednesday’s gains during overnight trade, while soybeans rebounded from losses.

Survey finds financial conditions weakest in crop areas

Corn and soybean basis firmed while cash prices dropped.