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On the Grains:
Overnight markets are soft as of 6 a.m. Yesterday’s weekly export sales fell mid-range for corn and wheat and didn’t do much for prices but the YTD results are still encouraging. Corn sales YTD are up 35% over last year versus USDA’s forecast for them to rise just 26%. For wheat, YTD sales are running 3% over last year versus a USDA forecast for them to fall by 4.5%.
 
Weekly soybean sales were a big disappointment, however. At only 561,000 tonnes, they didn’t even make the low end of expectations that ranged 700K to 1.2 million tonnes. Further, YTD bean sales are down 18% from last year versus USDA’s forecast for about an 11% decline.
 
South America remains somewhat of a wildcard in that private estimates for both Brazilian soybean and corn production are substantially below USDA’s last estimates while projections for Argentina’s crop keep growing. Even there, however, the weather outlook is turning iffy for the next couple weeks and the Buenos Aires Grain Exchange says that if it’s as dry as forecasted, they may actually reduce their estimate for the soybean crop.

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