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On the Grains
Grains are up again in overnight trade. Concern that a prolonged bout of soggy weather for much of the Midwest will greatly slow planting progress remains the driving force. Yesterday’s weekly export sales were at least mid-range vs. expectations for beans but at the low end for corn and wheat and didn’t even make the low end for SBM. Yesterday’s announcement of a looming rail strike in Canada could halt their grain shipping if prolonged and potentially shift more business to the U.S. (More on other Ag implications below.)
Even though Brazil is down to its last 10% of the crop to harvest, rains have been so severe in the southern tip that 2-5 million tonnes of beans and corn might actually be lost and their crop estimates were already well below USDA’s. We’ve set a target for selling more old-crop and the first 10% of new crop beans based on the July contract. It shows first resistance at 1225. 

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