Exports: Corn continues to climb
On Wednesday, soybean futures diverged rather dramatically from wheat and corn gains. Talk that Brazilian logistical problems are easing and the flow of beans to the global markets is accelerating was one factor dragging the legume market downward, but traders were also concerned about the strength of future Chinese demand as that country deals with a fresh ‘bird flu’ scare. Futures continued to slip overnight, feeling downward pressure from South American markets. May soybeans fell 1.5 cents to $13.7875/bushel in pre-dawn Thursday trading, while May soyoil rose 0.07 cents to 49.22 cents/pound, whereas May meal declined $1.2 to $396.8/ton.
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