Wheat started the week on the defense, but turned to end the week with strong gains. The corn market made a small bounce off its seven-month lows made the week before last, with the strength in the wheat complex. As of the May 14 close, July soybeans were 19.25 cents lower for the week while November soybeans were down 15 cents. At 10 a.m. May 14, July soybeans were down 0.75 cents and the November contract was up 0.75 cents.
Wheat traded with gains last week, as technical buying stepped in to help push wheat off its lows. The corn market lost ground, with expectations that planting picked up with an open week of weather in the Midwest, and the funds continue to hold a large short position. Soybeans traded higher to start the week, as demand continues to support the market despite the ongoing South American harvest.
A creditor group from Colorado is moving forward with the sale of foreclosed property in North Dakota's Walsh County, including the home of former farmer and and elevator owner Tom Grabanski of Grafton, N.D.
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