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On the Grains:
Grains are all weaker in overnight trade with wheat down the most. It’s a combination of bearish factors at work. First there was the selling that set in late last week when the Buenos Aires Grain Exchange hiked its estimates for both soybean and corn production above USDA’s January WASDE estimates and sharply falling Brazilian prices to the point where a cargo of Brazilian beans may have been sold for delivery to the U.S. East Coast.
 
The rally in wheat came to a sudden end on reports that not only was Argentina’s wheat crop also higher than USDA’s estimate, but that China had changed policy to begin accepting Argentine wheat. Weather-wise, drought is beginning to badly threaten wheat across N. Africa and is offset by improving  moisture conditions for the U.S. Plains and drier weather for SRW areas where excessive rains where “ponding” was occurrin

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