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News of the Day   A bearish tone developed for the grains on Friday morning as traders watched moisture move across the radar. Whether rain or snow, coverage was wide and spanned across most of the Dakotas, Minnesota, Iowa, and Wisconsin. The system was staying mostly intact as it crossed the Mississippi River. Another round of showers was expected to start up late in the weekend. The forecast was also shifting favorably for South America.   Futures volume looked to remain on the lighter side as some traders were probably preoccupied with the March Madness tournament. In actuality, corn and soybean volumes have been on a general decline since prices put in their lows on February 26th, the Monday following the expiration of March options. Open interest dropped off briefly as March futures went into the delivery period, but the numbers have since rebounded, which fits with the idea that the shorts bought back by speculators have been new contracts sold by the farmer.   After building up a record net-short position on corn in February, hedge funds quickly reduced that bearish bet by about 25 percent. Over the same timeframe, commercial hedgers flipped net-short in corn for the first…

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