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On the Grains NOTE:¬†Markets will be closed tomorrow to mark the Juneteenth holiday. They will reopen Wednesday evening at 7 pm. This report will resume Thursday morning. Markets are mixed in overnight trade. As of 6am corn and soybeans are rebounding modestly from Monday losses while wheat continues to weaken on aggressive harvest pace and strong yields. After the close we got the weekly Crop Progress report with a few surprises. Looking at corn first, the portion rated good-to-excellent dropped two points to 72% vs. 73% expected. But it’s still way better than last year’s 55% and the best ratings for this point in 6 years. Only 5% rated poor to very poor, the same as last week and still well under last year 12%. Emergence came in at 93%, down 2 points from last year but a point ahead of the 5-year average. On a state-by-state basis it’s noteworthy that 10 of the top 18 producing states saw declining conditions while only 6 saw improvement and two were unchanged. What’s also noteworthy is that the Lake states were among those with declining ratings even though they’ve had abundant rainfall and apparently too much. The second set of ratings for…

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