Grains traded quietly today with few traders willing to take, or build upon, positions ahead of Friday’s reports. Livestock futures were higher on short covering and oversold technical conditions. The market continues to wait for additional clarity on the trade situation, but little information is coming from either the Trump or Xi Administrations.   The U.S. Drought Monitor showed drought conditions were largely unchanged this week versus last. Drought in the High Plains and Corn Belt states contracted slightly despite the recent heat. The biggest take away is that most of the crop-growing areas of the U.S. are in good condition and, at current levels, drought is not expected to limit production. 

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