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On the Grains As of 6 am, grains were mildly mixed in overnight trade with positioning ahead of tomorrow’s quarterly stocks and acreage reports the key feature. Energy stats from EIA yesterday were disappointing. Ethanol production dipped for the week vs. expectations for further increase with ethanol margins the best of the year at 40 cents per gallon for refiners. Stocks declined, in line with expectations. Crude oil stocks rose rather than decline as expected and ditto for gasoline stocks. Diesel fuel stocks, on the other hand, declined a bit more than expected.   So what will such “positioning” involve? Most likely those with heavy short positions in corn or beans will be looking at the charts and wondering if they’re not pressing their luck remaining short ahead of these reports while heavy users without any forward coverage may be wondering if they may not be tempting fate by remaining uncovered.   December corn, for example, is now showing losses in eight of the last nine trading sessions, off the bottom end of the Bollinger bands and deep into the oversold zone on the Stochastics oscillator. Similarly, November soybeans have been dropping steadily since late May, hugging the lower Bollinger…

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