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Market Commentary

EOD Ag Market Recap 7/10 for Jul 10, 2018
This market commentary is for informational purposes only. The views and opinions offered in the report are solely those of Bunge Limited and its subsidiaries ("Bunge"). Bunge is not a futures broker and this is not an offer to buy or sell any commodity or futures contract. The information contained in this commentary has been obtained from sources believed to be reliable but is not necessarily all-inclusive and is not guaranteed as to its accuracy. Persons acting on any information contained in this commentary are responsible for their own actions.
Day Session August Beans finished unchanged, Sep corn down 6.25, and Sep Chicago wheat down 16. Spreads were mixed and crush was firmer. Beans less corn and less wheat spreads rallied today which almost pushed corn to a new contract low. Some weather relief in wheat growing areas in the Black Sea region is reported for the next week but price action today looks like corn/wheat and bean spreads unwinding as traders are short beans vs long grain positions. WASDE is out this Thursday and will be the first time the USDA considers the tariffs in relation to demand and soybeans will be closely watched to see what changes are made. 
Weather maps are adding a little bit more moisture over the corn belt for the next 5 days than previous models. Tariffs have put a lot of pressure on beans gaining any kind of weather premium. But, the weather has been friendly to the crops so far.  

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