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On the Grains:
Overnight markets are barely steady in corn and beans. Wheat is lower again, led by losses in KC wheat on better rains in HRW country. It’s telling that corn and beans aren’t stronger, given that on Thursday, the Buenos Aires Grain Exchange (BAGE) lowered its estimates for Argentina’s crops yet again last week. They’re now at 33.5 MMT for beans compared to USDA at 41 MMT and down to 41 MMT for corn compared to USDA at 47 MMT. The inability of those lower estimates to reignite buying stems from two other realities:

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