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On the Grains: Grain markets are mostly steady to firm in overnight trade as this goes to press. The dollar is backing off some after the Fed left interest rates unchanged as expected. Crude oil is up overnight, showing important chart support at the $80 mark held in December crude oil despite a higher-than-expected rise in crude stocks yesterday. Soybeans are strongest among the grains in overnight trade. The rebound in crude is helping, but even more so is yesterday’s September crush and SBO stocks data. September crush was up 4.3% over last year and a new record high for the month. Despite that, soybean oil stocks came in as expected and at the lowest level in nine years. Harvest is approaching completion and national average basis continues to tighten. It rose another 5 cents yesterday. Corn futures took out October lows yesterday and revived the downtrend on the charts. But they’re steady-to-firm thus far in overnight trade. Despite an aggressive harvest pace, national average basis held steady and yesterday’s weekly ethanol stats were supportive. Ethanol production came in at an 11-week high and above the rate needed to hit WASDE corn-use estimates. Despite that, ethanol stocks declined to a…

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