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On the Grains Grains are mostly steady-to-mixed in overnight trade thus far. Yesterday morning’s weekly export inspections were awful for corn and wheat, at or below the low end of the range of expectations. Soybean inspections, on the other hand, at 1.426 million tonnes absolutely blew off the top of expectations ranging from 450-900K. Traders are now well into positioning ahead of a flurry of reports due Thursday from USDA’s February WASDE, updates on grain stocks from STATS Canada, and updates from CONAB on Brazil’s prospects. Yesterday I offered trade expectations for changes in U.S. ending stocks and for the two “wildcards”, production expectations for corn and soybean production in Brazil and Argentina. This morning I’ve got the averages and range of estimates for global ending stocks and the range of estimates shows considerable potential to move the markets if USDA comes in with numbers close to either end of the ranges: Corn – The average is 323.1 MMT compared to 325.2 last month, but they range from 311 to 327.1 MMT. Soybeans – The average is 112.5 MMT compared to 114.6 MMT last month, but they range from 109 to 115 MMT. Wheat – The average is 261.1 MMT…

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