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Wheat Harvest Underway

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In the overnight session the grains were mostly unchanged with corn down 1 ½ cents, soybeans down ¼ cents and wheat up 1 ¼ cents going into this morning’s pause. The U.S. dollar is up .3 percent and crude oil is trading lower by 73 cents. The U.S. dollar finds some strength this morning after the Greek debt negotiations have begun to take a turn for the worse. The international monetary fund announced their delegation has flown home due to major differences with Athens.

Wheat harvest has kicked off in Texas with 23 percent harvested and Oklahoma 17 percent complete. Harvest has started in southern Kansas but little harvest progress has been made in the largest winter wheat producing state.

On the demand side of the equation, there is market talk about government plans to support new crop corn prices by lowering the volume of cheap imports into their country. This should help encourage domestic grain demand and lower stocks which have accumulated during their buying program intended to lift rural incomes.

The weather next week is expected to bring precipitation to the eastern and northwestern U.S. as temperatures remain cooler than normal throughout most of the grain belt.

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