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On the Grains Grains and soybeans are soft in overnight trade with soybeans down double-digits at 6am. Yesterday’s weekly export sales were mixed. Corn sales were in the upper half of the range of expectations while soybean sales were midrange. Wheat cancellations exceeded new sales by 110,000 tonnes. On a year-to-date basis, sales for corn and beans now lag the pace needed to justify USDA’s current forecast for the year. Ironically, YTD wheat sales built up enough “cushion” on stronger sales earlier in the year that with just two months left in the marketing year they are still on pace to meet or beat USDA’s current forecast. Speculation about what next Friday’s Prospective Plantings report will show for the ’24 “acreage mix” continues to mount. We should see some more private survey results over the weekend and will likely have the averages and ranges of expectations early next week as well. At issue will be how they vary from USDA’s Outlook Forum forecast for corn at 91 million acres (down from 94.6 this year) and for beans at 86 million (up from 83.6 million this year.) There will also be a quarterly Grain Stocks report next Friday and we should…

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