Soybeans have experienced a small rally due to the recent weather events in the U.S. Chicago Jul ’17 futures raised $0.20/bu up to as high as $9.75/bu. More heavy rain forecasted for Missouri/Indiana as a new storm is set to cross the US mid-south late Wednesday. Traders are waiting to see whether soybeans may be planted to replace some corn acres that were flooded from the recent heavy rains. Monday’s USDA crop progress report pegged nationwide soy planting at 10% complete as of Sunday, up just 4 points from a week earlier, but enough to push overall progress 3 points ahead of last year and the five-year average. A new fresh 14-month low for the Loonie had it trading below $0.73 USD, which continues to prop up our local bids. New crop average local bids are hanging around $11.50/bu.

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