The CBOT was mostly waiting for the WASDE report early on Wednesday with the major ag markets seeing little directional influence. The exception was the wheat market, which saw bull spreading develop from the opening bell that carried futures above major technical targets. Not even a mostly neutral WASDE (at least for the wheat market) could disrupt those gains and wheat futures posted a bullish day on the charts. Corn, soybeans, and soy products all wobbled a bit more as the report was very much in-line with expectations and didn’t change the overall market outlook much. The soy complex found greater selling pressure, due partly to ongoing liquidation in soymeal futures, while corn futures managed to catch a bid and move higher for t...
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