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On the Grains Grain prices are rebounding from yesterday’s losses in overnight trade with wheat once again leading with double-digit gains as of 6 am. While Russia’s Ag Ministry talks gamely of record exports, yet another private Russian firm (IKAR) says drought and freeze damage portend a crop of 83.5l MMT, down 8 million from last year and 4.5 million below USDA’s initial estimate of 88. Ukraine’s crop was hurt as well and export prices are rising for both countries. As for corn and beans, severe storms (including several bad tornadoes in Iowa) have halted planting from eastern NE and SD across Minnesota, Iowa and Wisconsin again. Further we’re seeing corn sales to top-customer Mexico remaining strong as drought conditions still plague that country into a 3rd straight year. There were large flash corn sales reported to both Mexico and Spain yesterday and ’23 crop sales to Mexico as of May 9 are already at 778 million bu., up 43% from the year before. The demand side for beans may be firming up, too. The crush margin for central Illinois is back up to $2.73 per bu. as of yesterday. We’re also learning the ferocious flooding in southern Brazil that has…

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