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Grains look to open steady to slightly higher. Traders look for guidance from the Crop Progress report and trader positions data coming on Monday afternoon before waiting on the Friday Stocks and Acreage reports. In the Headlines July corn futures gave up 15 cents last week. July beans were lower by 19 1/4. July Chicago wheat futures were down for a fourth straight week after losing 51 1/4 cents over the four sessions last week. July KC wheat futures were down 46 1/4. June live cattle finished closed the week higher by 77 cents while August feeders were down $3.60. July lean hogs finished weaker by $1.60. The futures spreads should remain active this week as repositioning occurs following last Friday’s expiration of July options and before this Friday’s first notice day for July futures. Basis has been strengthening again for corn and soybeans. Lower futures prices pair with firmer ethanol and soy product prices to boost processing margins while those same lower board prices keep the farmer reluctant to let go of remaining old-crop inventories. The national average corn basis has climbed back toward its highest level of the year at 26 cents under futures and the soybean basis…

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