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On the Grains Markets are mostly weaker in overnight trade. The weather outlook keeps getting wetter for much of the Corn Belt over the next couple weeks, so the planting pace “lead” compared to normal we have at present is likely to rapidly shrink and could even fall behind if the forecasts verify. Yesterday was a blitz of negatives for the grain market rooted in outside markets going into “risk off” mode ahead of this week’s Fed meetings that end today. They’re expected to stay hawkish on rates in their comments, more than hinting not to expect any cuts in the foreseeable future due to stubborn inflation despite slowing in GDP growth – the very definition of “stagflation” at time that stocks have only recently hit record highs. The DJIA took such a beating yesterday that we had the first lower monthly close after five straight monthly increases. They’re down again overnight. The monthly DJIA chart also shows the brief poke above 40,000 was the upper Bollinger band and the Stochastics oscillator in the “overbought” zone since last fall was turning down. It spilled into the grains because the dollar made a new high on prospects for interest to stay…

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