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Mark Soderberg at ADM Investor Services said, “Prices were $.01-$.03 higher as spreads firmed. Dec-26 closed near the midpoint of today’s range in choppy 2-sided trade. Yesterday’s O.I. was up another 12.3k contracts despite heavy liquidation of the Dec-26 contract.” Amanda Brill at Total Farm Marketing said, “Despite the strong weekly sales, overall export demand remains lackluster. Total commitments stand at 1.089 bb, down 28% from last year, compared with USDA’s forecast for a 4.5% decline in exports for the full marketing year. At this point in the season, commitments typically reach 42% of USDA’s export target. Current sales represent only 33.5% of the recently reduced forecast.”
