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DTN's Grain Quick Takes

OMAHA (DTN) --As we near Thursday's close, wheat prices remain lower, while row crops are higher. July corn is up 4 cents and July soybeans are up 32 1/4 cents, on track for a new high in May. July soybean meal is trading up $16.20 after USDA reported 293,100 mt of soybean meal sold for export last week, much of it business that would have gone to Argentina, if Argentina's crops were doing better.

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Market Strategies

CORN Strategies Snapshot

TREND: The trend in December corn remains up.

NONCOMMERCIAL OUTLOOK: Noncommercial traders held a net-long futures position of 470,908 contracts in corn as of May 10, a decrease of 30,957 contracts from the previous week and down from the largest positions in a year.

COMMERCIAL OUTLOOK: Commercials continue to heavily favor the short side of the market where they have likely already sold against cash as of May 10. The December contract is priced 3 cents below the March contract, a bearish indication of commercial demand for new-crop corn.

SEASONAL INDEX: Corn prices tend to peak in early June and bottom in early October.

PRICE PROBABILITY: The active futures...

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