The USDA's Feb WASDE was bearish for soybeans and neutral for wheat and corn. The path of least resistance is lower until the funds have a reason to cover shorts. Old crop prices need to fall in order to find demand. New crop prices need to decline in order to reduce acres. The funds are about as short as they've ever been for this time of year. Soybeans are still relatively tight and have the most downside risk of all the major grain and oilseed CBOT markets.

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