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On the Grains Grains are mostly on the firm side in overnight trade as of 6 am. The corn market took a shellacking Friday with both planted acreage and June 1 stocks coming in considerably higher than expected. The Commitments of Traders report released after the close certainly didn’t help, showing that funds had massively increased their net short positions in nearly everything through last Tuesday, days ahead of the reports. The net short in corn swelled by 86,000 contracts to nearly 280K. In soybeans and wheat, the numbers weren’t nearly so dire. Soybean acreage was a little lower than expected but by nowhere near the gain in corn. Stocks were a little higher than expected for a “wash” on net market impact. Ditto for wheat, where total acreage was a little less than expected but stocks a little higher than expected. So here we are with July beginning and the market’s focus is back on weather. The new monthly forecast was just released yesterday and it features a lot of rain for the upper Midwest where it’s already soggy with lots of flooding and only normal rain for the Mid-South and Eastern Corn Belt where it’s been drier than…

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