Wheat futures sharply higher following poor USDA crop rating

Soybean futures closed sharply higher – picking up momentum out of the gate, backing off the session highs midsession, and returning near the high by the close. The market is gained support watching crude oil futures for most of the day before crude oil closed lower with losses coming after the commodity market close. Expected crop reduction estimates in USDA’s coming World Ag Supply and Demand report for South American crops is being supportive to the complex; the report is out Friday.

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