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On the Grains
Grains are lower across the board in overnight trade. Weekend weather included nasty hailstorms over much of the western Corn Belt and the Gulf hurricane hitting landfall in Texas this morning is raising some threat to cotton and rice but mostly welcome spinoff rainfall across the south and eastern Corn Belt.
 
Meanwhile, warmer and drier weather is expected for the soggy northern Corn Belt and the trade is reading the net outlook as bearish. I was struck by how much of the end-of-week commentary credited “tight farmer holding” of remaining old crop and firming basis for last week’s strength. The harsh reality is that it’s mid-July and the window for moving those stocks to meet cash flow needs and make room for new crop is closing.

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