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On the Grains: Grains tried to mount a recovery in early evening trade, but are mostly back in the red as this goes to press. Fundamentally, the reality of major gains for both bean harvest and 2nd crop corn planting in Brazil is countering further decline in Argentine crop estimates. The Black Sea “safe corridor deal” will still likely automatically renew six days from now, but there are still questions as Russia is only now joining the discussions between U.N. officials and Turkey and still insisting on sanctions relief.   But it’s still the “macro environment” for the U.S. banking system and economic outlook that has traders most unsettled this morning. Precious metals are stronger while energies and the dollar are weaker. To prevent the SVB collapse addressed in our Sunday Preview and yesterday’s Special Report from spreading further shockwaves throughout the economy, the Federal Reserve Board announced last evening the creation of a new Bank Term Funding Program (BTFP). It came from Treasury Secretary Janet Yellen, after consultation with President Biden, approved the plan for this new BTFP to offer FDIC loans up to one year to California’s SVB, New York’s Signature Bank and any other institutions that protect…

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