Futures in London and New York were lower despite forecasts for big rains to invade growing areas in southern Brazil. A higher US Dollar against world currencies created much of the selling interest. The charts show that futures remain in an overall trading range and are near the low-end of the range. Price action is weak, but it is possible that a short-term bottom has been made due to the weather. The big harvest in Brazil continues, but some of the processing will probably switch now to ethanol due to tax changes last week and relative US Dollar weakness.
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