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On the Grains Grains are mixed but leaning lower in overnight trade as of 6 a.m. Favorable weather for Brazil and Argentina continue to pressure prices despite wide disagreement over how much irreversible damage was done to crops early in the growing season. Yesterday’s weekly export inspections were pretty decent for a change with corn and soybeans falling near the upper end of expected ranges and wheat midpoint in that range. Market volume is very low due to South America celebrating “Carnival” and China off for “Lunar New Year.” Actually, for markets to be steady-to-mixed despite low volume trade is encouraging because it suggests little new selling by funds, who are enormously short. That alone offers a hint they may soon grow impatient and begin to lighten up. If they do, that could trigger commercial buyers into taking advantage of these awfully low prices. Alas, even that is a slim hope for now as traders await this week’s first 2024-25 balance sheets from Thursday and Friday’s USDA Outlook Forum. Today we could see that inflation during January was under 3% for the first time since March of ’21 and a solid drop from December at 3.4%. If so, it could…

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