New contract lows were set in Chicago wheat yesterday, following corn and soybeans, while MGX closed higher due to concern of wetter forecasts slowing the northern harvest. Funds added 4k contracts to the Chicago net short position, and would set a record short if the CFTC agrees with the estimate in Friday’s COT report. Weather forecasts show warmer temperatures and decreased precipitation chances for the E. Plains and W. Corn Belt in the 6-14 day ranges, which could see some concern arise for key soybean growing stages. Japan and Korea have halted imports of U.S. SWW following the reported GMO wheat in WA, which will be in place until tests are in place to prove that the wheat didn’t make it into the commercial supply. Egypt’s GASC purchased 60k MT of Russian wheat at $177/MT C&F yesterday for Sep. 11-20 shipment, and the price was nearly equal to the previous tender. Look for some buying to support grains and oilseeds, as lows were established yesterday that should trigger some strength.
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