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On the Grains
Grains are mixed in overnight trade thus far. As of 6am corn and beans are firmer but wheat is lower, led by KC wheat due to harvest pressure. All three wheats cratered on Friday with the unexpected announcement by Turkey that it would halt wheat imports for four months. They are Russia’s largest customer and that knocked the legs out from under the reports of falling Russian production estimates.
Today will start out with weekly export inspections but trade focus may be more on the weather forecast for rains to end and heat to build up into next week and the balance of June for most of the Corn Belt. That’s most likely the reason we’re seeing firmer prices for corn and beans despite the pressure on wheat and Friday’s Commitments of Traders report showing that funds had resumed aggressive selling in everything except spring wheat where they continued to build a net long position.

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