Soybeans started the day with a lot of momentum, and while contracts ended the day mixed, but ran into resistance later in the day.  On a positive note, crush margins remain very profitable and there is still plenty of incentive that could move contracts higher.  Soybean exports are also strong, still running ahead of year-ago levels.  While the U.S. is talking about potential blizzard condition across much of the country, weather in much of Brazil remains ideal for crop development with rain in the forecast.  Southern Brazil and Argentina are still desperate for better weather. 

Corn futures pushed higher on Wednesday.  The move is somewhat surprising considering export sale pace is nearly 50% behind last year’s levels and ethanol margins are shrinking.

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