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On the Grains Grains are mixed in early trade. As of 6am all were a few cents either side of unchanged. Yesterday’s action was remarkable and encouraging only in the sense that both corn and beans managed to close higher and not be dragged down by the freefall we’re seeing in wheat. The latter was blindsided by the sudden withdrawal of Turkey from imports for four months. They not only accounted for 20% of Russia’s exports but 22% of Ukraine’s wheat exports as well and basically neutralized the market impact of falling crop estimates for both those countries. After the close we got the weekly Crop Progress report with the second set of crop ratings for corn and spring wheat and the initial set for soybeans. Looking at corn first, the portion rated good-to-excellent dropped a point, to 74%, but pretty much matching expectations and 13 points over last year. Just 5% rated poor to very poor, up a point from last week but still less than last year at 8% P/VP. Corn emerged is at 85%, a point better than average but 6 points behind last year. Planting progress came in at 95%, a point lower than expected but…

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