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On the Grains Overnight grain trade is steady to weak. Export sales were within the range of expectations. The most noteworthy element in the holiday delayed Commitments of Traders report issued yesterday was that for the first time in 5 weeks funds started reducing their net short position in corn but continued adding aggressively to their net short position in beans. Trade estimates are out for Friday’s Quarterly Grain Stocks and the Acreage Report showing what actually got planted vs. March intentions. June 1 Grain Stocks are expected significantly higher, even at the lower end of the ranges of estimates. As for planted acreage, the best spin we can put on expectations is that markets have already dialed in bearish numbers. No switch from corn to beans is expected. Instead, expectations for BOTH crops are higher than March, by more than 300,000 acres in corn and by more than 240,000 acres in beans. Reasonably steady markets overnight despite those numbers likely comes from slippage in crop ratings we got after the close. Looking at corn first, the portion rated good to excellent dropped three points to 69%, just meeting expectations. However, 7% rated poor to very poor and that was…

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