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SINGAPORE- Chicago soybean futures edged higher on Wednesday as traders adjusted positions ahead of a US government report on stock and acreage, while corn prices eased.
Wheat futures slid on expectations of higher output in Russia, the world’s biggest exporter.
Dry weather forecasts in the USare underpinning prices.
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“Weather forecasters, wrangling the weather models somewhat erratic projections of late, are evolving a clearer view of July weather,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
“The Midwest’s north-west remains a region of concern as a dry starting point will likely see further crop stress evolve over a warm July.” – Reuters
