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Grains Lethargic in the Overnight

Export Inspections to be Released Later Today

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Grains were lethargic overnight with listless two-sided trade. In outside markets, equity futures and crude oil were weaker following Monday’s rally.

This morning USDA announced a 161,544 MT sale of corn to unknown destinations. Export inspections will be released later this morning after the Columbus Holiday on Monday pushed government reports forward a day. Traders look for wheat 400,000-600,000 tonnes, corn 1.1-1.4 million tonnes, soybeans 1.0-1.2 million tonnes.

Torrential rains across most Ukrainian regions after a severe drought could leave around 500,000 hectares of winter grain area unsown a senior state weather forecaster said on Tuesday. Ukraine's winter wheat harvest is highly dependent on moisture content in the soil during the autumn sowing, air temperatures in winter and favorable weather in spring."The outlook is very gloomy," said Tetyana Adamenko, the head of the agriculture department for the state weather.

Rains early next week slow harvest in all but far W. Midwest, but drier 11-15 day aids recovery until end of period. Rains remain limited in Plains hard red wheat next 10 days, but rain chances improve late in 11-15 day for dry spots.

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