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“Prices were $.07-$.08 higher surging to its highest level in nearly 3 weeks. Next resistance for Dec-25 is at this month’s high of $4.16, followed by the 50-day MA currently $4.18 ½. Although the Sept/Dec spread widened to a new low at ($.24 1/2), new crop spreads all firmed. New crop exports at 113 mil. bu. were well above expectations. Old crop commitments slipped to 2.776 bil. still up 26% from YA, vs. the USDA forecast of up 25%. New crop commitments surged to 657 mil. more than double the YA pace and the highest in 4 years. New crop sales represent 23% of the USDA forecast, vs. the historical average of 18%,” according to Mark Soderberg with ADM Investor Services.
