Wheat peels back from recent highs

Soybeans were supported by commercial and technical buying. Beans were watching soybean products and energies, while getting ready for Wednesday’s supply and demand numbers. The big numbers for beans will be South American production estimates and U.S. ending stocks. CONAB’s updated outlook for Brazil is scheduled for Thursday the 10th. Unknown destinations picked up 126,000 tons of 2021/22 U.S. beans and China bought 132,000 tons, the eighth business day in a row with an announced sale, not only because of the production losses in South America, but also the concerns about vegetable oil availability, as Ukraine and Russia are both big sunflower oil exporters.

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