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On the Grains: Overnight markets are steady at best as we go to press, as if on “simmer” awaiting tomorrow’s WASDE updates from USDA. It’s often noted that a market that can’t go up on price-friendly news is a warning sign and that describes corn’s poor performance yesterday. Traders got a weekly export inspections figure just shy of 900,000 tonnes, blowing the top off expectations that ranged from 450-750K. Private estimates for Argentina’s corn crop are already lower than the big cuts expected from USDA tomorrow. Then we got two flash sales announcements totaling nearly 300K between them and still corn closed lower. Chart-wise, the picture is a little better. May corn scored an upside reversal on Mar. 1 and was as oversold as it could get, only now climbing out of oversold conditions. Ironically, soybeans closed strong yesterday despite very disappointing export sales. At only 542,0000 tonnes they didn’t even come close to the lower end of expectations that ranged from 625K to 1.3 million tonnes. The difference is that unlike corn, soybean sales YTD have been strong enough to sustain USDA’s current export estimate in tomorrow’s WASDE. Further, the bull market in soybean meal is alive and well with the May contract…

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