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On the Grains Soybeans are lower in overnight trade to start the week and corn is weak as well. Today’s Crop Progress report is expected to show both crops in the wrap-up phase of planting and soil moisture conditions vastly improved over last year. Wheat is bucking the trend, however. Friday’s Commitments of Traders report showed funds had resumed selling in corn and Chicago wheat but continued to lighten up on their net short position in KC wheat and continued to build a net long position in MGE wheat, perhaps for fundamental as well as technical reasons. The new weather outlook for June could explain. It shows benign weather for most of the corn and soybean regions. As for wheat, however, it shows June to be hotter and drier than normal over most of the spring wheat area of the country and above normal rain for the southern Plains with HRW harvest underway and the potential to do more harm than good at this point. Wheat futures struggled late last week on reports some rain was falling in Russia and that officials claimed it would still make 85 MMT, down only 3 million from USDA’s current estimate. Our Ukrainian grain broker contact,…

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