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LTN Closing Grain Comments: Grains Finish Sharply Lower Monday

The grain complex took a beating on technical selling and noncommercial long-liquidation to begin the week. Initial support levels remain a distance away, meaning losses could build Tuesday.

Wheat futures saw follow through from Friday's losses and spillover from neighboring pits to post double-digit losses at all three exchanges. Chicago Wheat closed 0.215 to 0.285 lower in the Sept through May contracts, with Kansas City Wheat down roughly 0.23 to 0.28. Minneapolis Wheat ended 0.1925 to 0.2425 lower. Traders still have USDA's higher-than-expected all Wheat crop estimate on their minds.
Large speculators pared their Bullish bets on Soybean last week as rains boosted crop prospects, missing out on a rally ahead of a Key US government report that slashed the crop size by more than expected due to damage from the worst drought in 56 yrs.

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