The CBOT was mostly bearish on Friday under the primary theme that big crops get bigger. That is true of Brazil’s safrinha production, the outlook for which CONAB raised yesterday, and Argentina’s soybean crop per the Rosario Grains Exchange’s latest estimates. Similarly, wheat crop tours in the U.S. have found above-expectation yields in the Southern Plains, most notably Kansas, despite all the year’s challenges. These factors, combined with favorable weather and uncertainty in the biofuel demand outlook put the CBOT on the defensive for the day with wheat, corn, soyoil, and soymeal all turning lower. Funds were net sellers across the board, but volumes were relatively light after a volatile week. The bearish...
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