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On the Grains
Markets are firm in overnight trade and that includes wheat despite much-improved yields on Day 1 of the Kansas wheat tour discussed below. Even beans are bouncing back despite pressure yesterday from two factors: 1) No higher levies on used cooking oil (UCO) from China to claim biofuels credit despite charges they’re spiking it with vegetable oils and 2) a surprise increase in CONAB’s Brazilian soy crop due to a surprise boost in their acreage estimate.

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