Prices 08/12/16

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In the US soybeans managed to close in the black while corn futures and all three wheat contracts slipped.

Feed grain and wheat continue to find resistance due to huge world stocks and production increases in Australia. The premium available for high quality white wheat is expected to remain strong with later crops on the east coast showing lower protein and crops in Western Australia also a little lower in protein than normal. Larger yields are compensating returns to growers to some degree but generally prices continue to and look likely to remain subdued for wheat at least until the March > May period in the northern hemisphere.

Improved weather conditions across the US plains put pressure on wheat futures there. Conditions will remain fairly dry south of Oklahoma though where storms containing snow are not expected reach.
In Europe the west is a little dry (by their standards) while the east is seeing some rainfall. Conditions are generally not too bad across much of the FSU and European wheat block. There has been good rain across much of the spring wheat region in France.
There is little new news on the durum front. Local merchants here continue to talk a strong market down.

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