Grains remove summer yield risk. Rumors of China cancelling US soybean orders.

Including the significant break today, the week's trade for the November soybean contract was down by 30 cents. This contract is now 190 1/2 cents from the 6/9 peak. Summer yield risk was removed from pricing this week. The market is flirting with the 4/1 low of 1394. Friday's trade was also concerned over a rumor of Chinese cancellations. On the other hand though some question the size of the March to June soybean planting revision, the general message of a tightened balance sheet remains.

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