Commercial and non-commercial traders were buyers on Wednesday, with support from the USD weakness and wheat/soybean spread unwinding. Funds reduced the net short in Chicago futures by 6k contracts, as some short-covering occurred to balance positions ahead of Friday’s reports. Export sales for the week exceeded the estimate range of 350-550k MT, with 608k MT reported. HRW was the leader again this week in sales and shipments, as business at the Gulf and PNW has surfaced over the last couple weeks. Interior basis has improved a bit for 11 pro and 13 pro on specific but mostly limited demand, while 12 pro bids are choppy. Outside markets should have little effect on grains today, as USD is higher but range-bound, Crude Oil is steady and equities are higher. Traders are positioning ahead of tomorrow’s USDA reports, as large corn and soybean production and good soybean demand have the markets mostly steady, but wheat could see a little support from good exports today.
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