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On the Grains Grains are all lower in overnight trade, with wheat leading the losses. Wheat has been lower in 14 of the last 16 sessions on heavy harvest pressure and better than expected yields for HRW. Now we’re getting yield reports for SRW as well which are coming in much higher than average and casting doubt on USDA’s last estimate for that class as being too low. The short-term weather outlook is very hot over most of the country with additional intermittent rain for the Western Corn Belt but less likely for the Eastern Corn Belt. So far, the markets read it as benign. Today we’ll get an update on the 3-month outlook from Climate Prediction Center but it’s not out yet as of press time. With La Nina conditions settling in we could well see increased odds of stress through mid- to late summer. What we do have is an update of the 8- to 14-day outlook yesterday. It shows hot temperatures to continue over most of the country right into early July, but accompanied by above-normal precipitation over the nation’s midsection and normal elsewhere. Due to the holiday yesterday we won’t get weekly export sales until tomorrow….

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