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A steady to slightly firmer open is expected as traders price in drier runs of the forecast for South America. There may also be support from crude oil prices if they move higher in reaction to a missile attack on an oil tanker in the Red Sea this weekend. In the Headlines Wheat prices were pressured by news of China approving imports from Argentina for the first time. Argentina is projected to export two-thirds of its wheat production this season, which the USDA estimates at 15 million metric tons versus U.S. output at 49.31 mmt. Export prices for Argentina’s wheat are currently about 15 percent cheaper than U.S. hard red wheat values. For all of the bearishness about wheat demand, U.S. wheat exports are actually running quite strong and are ahead of last year’s total by 3.2 percent versus a USDA target for them to drop 4.5 percent this season. China and Mexico have been among the top buyers of U.S. wheat along with strong demand from the Philippines. The forecast is turning back dry for much of Brazil over the next few weeks, which will aid progress on the soybean harvest but threaten the outlook for second-crop corn. Argentina…

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