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On the Grains
Grains were narrowly mixed but leaning weak as of 6 am in overnight trade. The trade is absorbing trade estimates now out for all the key metrics in Friday’s May WASDE report. It will feature both tweaks to the 2023-24 balance sheets and the first “official” USDA projections for the 2024-25 season. So far, all the trade has had to go on were the preliminary “guesstimates” from the USDA Outlook Forum in February, before USDA even had the March Prospective Plantings to go on. Looking at the wide ranges of estimates, there are extremes either bulls or bears can focus on that set up potential for significant market reaction if USDA numbers come out near either end of those ranges!

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