Grains bolted lower to start the new week as rains fell over the weekend in key growing areas.
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Rainfall over the last 3 days were in the 1 to 3 inch range from Eastern IA thru the Eastern Cornbelt. Also, Eastern SD/ND into MN got 0.50 to 1 inch of precip over this time period. Weekend temps were well into the 100s for all of KS and parts on NE. Looking ahead, a storm system should bring about an inch of rain over much of Iowa by mid-week into Thursday.
On Friday after the close, USDA’s Cattle on Feed report showed solid growth again with July 1 cattle on feed up 104% from last year versus a trade estimate of 102.9. Placements in June were a whopping 116% high versus last June, which was well above the analyst expectation of 106.1%.
Overnight there was modest export interest in wheat from Bangladesh and Algeria. Russian wheat export prices were mixed last week after nine straight weeks of growth due to concerns over a lack of high quality wheat and strengthening competition with France for wheat supplies to Egypt.
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