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On the Grains Grain markets are steady to firm in overnight trade thus far. EIA weekly ethanol data was constructive. Weekly production was unexpectedly up 7% from the prior week and on track to suggest USDA’s current corn-for-ethanol estimate may be up to 75 million bu. too low. Ethanol stocks remain very high but gasoline stocks came in unexpectedly lower, implying gasoline demand has hit a 21-week high. Both China and India are reportedly into reserve stocks rebuilding. China is rumored to have canceled some Ukrainian corn purchases and buying up domestic supplies to replenish reserves and shore up domestic prices through planting time. India is similarly been drawing down wheat reserves the past two years to tamp down high internal prices and now reportedly seeking to replenish them. Also helpful to wheat are continued strengthening in Russian wheat prices while also dealing with importer complaints about Russian grain quality to the point where some shipments already in route have been stopped by Russian officials for quality issues. In other news of note, Fed Chairman Jerome Powell reiterated that rate cuts are in the offing for this year. He noted the latest inflation data was higher than expected and that…

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