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On the Grains Markets are mixed in overnight trade thus far. As of 6 a.m. corn and soybeans were slightly either side of unchanged while wheat prices were firm. Weekly export sales got mixed reaction yesterday. At 1.2 million tonnes, corn sales were at the upper end of estimates that ranged from 800K to 1.3 million. YTD they’re running over 31% ahead of last year versus USDA’s current forecast for only 26% increase. Ethanol production is running high enough that USDA might increase domestic use in next Thursday’s WASDE as well. Soybean sales were a big drag on yesterday’s market. At only 164,000 tonnes they didn’t even make the low end of expectations that ranged from 500K to more than a million tonnes. YTD they’re down 19% vs. USDA’s forecast being down only 11%. It didn’t help there are now more reports of more Brazilian beans being imported to the East Coast at lower cost than domestic supplies. Traders ignored the fact SBM sales were very strong again. At 494,000 tonnes they exceeded the top end of expectations and YTD sales are up 18% vs. forecasts they’ll be up only 4.3%. Monthly crush data is supportive as well. December crush…

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