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On the Grains Grains are mixed again in overnight trade. As of 6am corn was mostly steady, soybeans weaker and wheat prices firmer. The International Grains Council (IGC) is first out of the chute with 2024-25 projections and they see record total grain and oilseeds production in the cards. They also see higher global ending stocks for corn and beans, but not for wheat. USDA won’t put out its own first global balance sheets until May. (IGC also revised their global forecasts for the current crop year and see lower corn and soybean crops and higher global consumption for total grains than USDA. We’ve detailed all those in the “Other Ag Headlines” section below.)   The Climate Prediction Center updated its Drought Monitor yesterday and the map shows drought conditions stubbornly persist over quite a large area of the western Corn Belt and Plains states. NE Iowa jumps out in bright red as the epicenter of the worst conditions.   Some areas saw a little shrinkage in the “footprint” and intensity of drought, but drought actually expanded enough in MN, IA and MO for a net gain in major crop areas still experiencing drought. For corn it’s back up to 36%…

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