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Grain markets trade mixed Monday

The grain markets traded mixed Monday as the slightly improved weather outlook and nervousness on Greece seemed to largely keep a lid on futures. Weekly export inspections for corn were 839,824 tonnes, according to the USDA, compared to 1.041 million tonnes last week. The 6 to 10 weather outlook is calling for below average rainfall and above average temps for much of the Midwest, though parts of Indiana and Ohio appear to have more rain in their forecast. Corn crop ratings, due out this afternoon, are expected to be 1-2% lower the 68% rating last week.

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USDA expands sorghum acres to 8.84 million

The U.S. Department of Agriculture’s National Agricultural Statistics Service released its June acreage report, increasing its estimated planted grain sorghum acres to 8.84 million, up 11 percent from its March report and 24 percent over the previous year.

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Outlook for world ag—strong production, lower prices

Strong crop yields, higher productivity and slower growth in global demand should contribute to a gradual decline in real prices for agricultural products over the coming decade, but nonetheless, prices will likely remain at levels above those in the early-2000s, according to the Agricultural Outlook report released last week by the United Nations’ Organization for Economic Co-operation and Development (OECD) and Food and Agriculture Organization.

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TPP action expected soon following TPA approval

A ministerial meeting aimed at finalizing the 12-nation Trans-Pacific Partnership, or TPP, trade deal is set for the last week of July, a source close to the negotiations said a week ago on condition of anonymity. This was on the heels of the Trade Promotion Authority (fast-track trade authority) signed into law by President Obama.

The meeting of trade ministers from the dozen countries involved would likely mark the final stage in the TPP negotiations, a massive trade pact covering 40 percent of the world's economy.

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