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On the Grains Grains are weaker in overnight trade, mostly on surprise at how much planting progress was made in corn and beans was made last week. Wheat ratings slipped a bit, but that’s offset by insistence from Russia’s Ag Ministry that despite declining crop prospects that powered yesterday’s surge, they still expect record exports in the coming year. After the close, we got the planting progress report and corn came in at 70%, 2 points better than expected and only a point shy of average for this point in the season instead of falling further behind. It shows 40% emerged, six points below last year but actually a point better than average. Among major producing states, Iowa and Illinois are the only ones still noticeably behind. At 78%, Iowa is normally 86% finished by now. At 67%, Illinois lags its normal pace by 4 points. Soybean planting came in at 52% complete, three points better than expected also 3 points ahead of average. It shows 26% have already emerged, 5 points behind last year but 5 points ahead of average. The only states noticeably lagging the normal pace are these: Iowa at 61% is normally 67%, Michigan at 42%…

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