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On the Grains Grains are mixed in overnight trade thus far. As of 6am, corn was steady, beans soft, and wheat a little firmer. The DJIA has had a rough start to the month after stronger-than-expected economic data is casting doubt on Fed hints at 3 rate cuts by the end of the year. It has fed a bit of risk-off mood that’s bled into commodities as well. Even corn has given back all the gains since the lower-than-expected planting intentions. It seems to be a growing foregone conclusion that actual corn acreage will climb between now and the June Acreage report. It has risen in 15 of the past 20 years, varying only by how much. Increases exceeded a million acres in eight of those years with last year among the largest at 2.1 million. However, we’ve noted often that last year it was the high crop insurance coverage available, which is certainly not the case this year. Further, I’ve looked at the “anatomy” of the state-by-state changes last week and it argues against assuming the worst. Looking at total acreage planted to all principle crops, it went down in 35 states, up in 12 with 2 about unchanged….

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