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RECCO UPDATES FOR CORN AND SOYBEANS DAY 2: On 3/19/24 we advised clients wishing risk protection against bearish numbers on last Thursday’s reports to buy May 470 short-dated new crop put options for 12 cents or less on up to 50% of expected corn production.  We advised the same for soybean producers, but with May 1180 short dated puts at 26 cents or less on up to 50% of expected production. As it turns out, Thursday’s corn numbers were actually price-friendly and soybean numbers mostly neutral so we now advise selling those options for whatever premium is left to reduce the net cost of the protection. They served their purpose. On the Grains Grains are mixed in overnight trade thus far. As of 6am corn was a little lower, beans firmer and wheat lower. Last Thursday’s export sales were overshadowed by the big reports that came out later, but were highly mixed in market reaction. Corn sales came in on the high side of expectations and wheat sales even beat the high end while soybean sales didn’t even make the low end of expectations. We’ll now continue to digest the surprises from both planting intentions and Mar. 1 Stocks. Lost in…

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