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On the Grains Grain prices are firm in overnight trade, even though the CPC updated the Drought Monitor yesterday showing the drought footprint has dramatically declined in the Midwest with only 5% of corn area still in some degree of drought and just 3% of soybean area. Surprisingly, drought worsened some in central and western KS and the OK panhandle with 25% of HRW winter wheat still considered in some degree of drought but only 3% of spring wheat. The PNW is the only other region with significant drought conditions. Weekly EIA stats were encouraging for ethanol. Production came in higher than expected for an 8-week high and yet ethanol stocks came in lower than expected, the lowest in 23 weeks in fact. Monday’s Crop Progress report due after markets close will get heavy scrutiny. Not only will it likely show planting in the final stages for corn and beans, they will resume weekly crop condition ratings and traders will zoom right in on comparisons with last year’s initial ratings to get a “feel” for yield potential relative to last year. We should also see the reports commence on wheat harvest progress. Next week we’ll also get an update on…

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