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BrownfieldAgNews reports:

Soybeans hit new five month highs on commercial and fund buying.

There are concerns about heavy rainfall delaying harvest in parts of Brazil and dry weather in other areas of Brazil and Argentina. Any news out of South America, including some early reports of a fungus in Brazil linked to excessive rainfall, will continue to be the big driving factor.

Past that - unknown bought 568,000 tons of old crop U.S. beans and the trade's competing for domestic acreage. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was higher on technical buying and short covering, in addition to spillover from beans and oats. Corn's also competing for domestic acreage with USDA's prospective planting report out March 31.

Demand is strong, but corn is continuing to look at a very large domestic supply, which may mute any attempts at a sustained rally. In any event, we've got a way to go until widespread planting starts. Ethanol futures were higher.

The wheat complex was mostly higher. March Chicago was down on profit taking and Egypt cancelling 110,000 tons of 2013/14 U.S. soft red winter, but all other months were higher. Minneapolis had continued commercial support tied to the slow movement in Canada and the U.S. Northern Plains, which also sent oats limit up. Kansas City was higher on worries about a late freeze in the Southern Plains and spillover from Minneapolis. DTN reports South Korea passed on offers for 60,000 tons of feed wheat.

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