Grains Bounce Higher in the Overnight

Grains bounced higher overnight with soybeans leading the complex on a 4 cent advance.

USDA reports a 115,400 MT sale of US corn to unknown destinations for 2016/17 marketing year.

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Rains continued to be problematic for IN/OH with 3 to 5 inches of rain falling in the last 24 hours and more expected this weekend. Next week should bring more showers to MI, KS, MO & S. IL.

Yesterday, meeting minutes from the Fed revealed they would hold off on raising interest rates until they see evidence that a recent economic slowdown was transitory. Nearly all policymakers at the May 2-3 meeting also said they favored starting the wind-down of the Fed's massive holdings of Treasury debt and mortgage-backed securities this year.

This morning’s export sales report was dismal again for new-crop deliveries of corn and beans.

Export Sales-

	Actual	Estimated
Wheat - OC	202	0-200
Wheat - NC	343	250-450
Corn - OC	457	600-900
Corn - NC	1	0-200
Soybeans-OC	472	200-400
Soybeans-NC	6	0-150

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