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On the Grains Grain markets are weak in overnight trade. Widespread rains are expected to return over much of the Plains and Western Corn Belt through the weekend. But with planting progress now ahead of the 5-year averages, concern about “delayed planting” has vanished and the trade seems to be settling back into the “rain makes grain” mode of thinking. Next week we’ll start getting the weekly crop condition ratings for row crops with usual comparisons to the year before for guidance on yield potential. These are primarily the result of little more than “windshield” surveys based on visual observations and its anybody’s guess whether widespread reports of poor stands or plant health issues due to excessive wetness will be factored in, or ignored on the premise that all that moisture insures it will take a serious and prolonged dry spell midsummer to pose any threat. Even wheat is lower this morning despite more indications that India is going to suspend import tariffs and resume imports this summer to replenish reserves it has drawn down to curb domestic prices and popular unrest. Concern about declining production estimates for Russia and Ukraine could only muster so much when faced with seasonal…

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