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RECCO UPDATES FOR CORN AND SOYBEANS DAY 3: 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 steady-to-mixed in overnight trade as of 6am. Crude oil is firming on rising geopolitical threats after an Israeli air strike in Syria hit the Iranian consulate in Damascus, killing the top commander of Iran’s Revolutionary Guard. Yesterday’s weekly corn export shipments of 1.432 billion bu. were strong and beat the top end of the range of expectations. So did wheat loadings. Alas, soybean loadings of only 414,000 tonnes didn’t even make the low end of the range of expectations and still running about 5% behind the needed…

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