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On the Grains Grains are mixed in overnight trade. As of 6am corn and beans were firm but wheat on the weak side. Yesterday’s weekly export inspections were so-so but at least within the range of expectations. Monthly ethanol production stats were in line with expectations and once again they raised production for the month as well so corn use for ethanol targets are still easily reachable. May soybean crush was a little lower than expected but still another record for the month and keeps USDA’s estimate in sight for that as well. Markets will be closed Thursday for the 4th of July holiday and that’s already impacting trade volume. The huge net short positions funds have in all the grains, but particularly on corn, still make “short-covering” by those funds a potential counterweight to the farm selling that still needs to take place between now and harvest. (The Grain Stocks showed farmers still holding most of the projected ending stocks.) The problem is that funds have little reason either fundamentally or technically to start abandoning those short positions yet. About the best we can hope for at present is that the latest Drought Outlook (discussed in Other Ag Headlines section…

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