“Prices were mostly lower ranging from steady to down $.05 in choppy 2-sided trade across the 3 classes. Yesterday’s trade action showed a large O.I. drop in CGO futures at just over 10k contracts, suggesting early strength was largely speculative short covering. Open interest in KC was off only 1k contracts. Exports at 32 mil. bu. all new crop, were above expectations,” noted Mark Soderberg with ADM Investor Services.
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