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PLEASE REFER TO THE HEDGE AND TRADE STRATEGY PAGE FOR UPDATES!! Brazil’s national soybean harvest is approximately 82% complete this week, with much of the soybeans in the Center West region replaced by second crop corn.  Debate continues as to the size of the soybean crop with one extensive crop tour estimating Brazil’s soybean crop at 152.2 MMT.  Meanwhile several other private estimates seem to be homing in on a crop size between 146 to 148 MMT.  The remaining bulk of Brazil’s soybean crop to be harvested lies in both the Northeast and RGDS.  RGDS remains an important production state representing 15% of the country’s soybean output. As we enter the first week of April, weather remains adequate with average rainfall continuing to blanket roughly 80% of the second crop corn regions in the Center West.  Subsoil moisture appears to be absent in most of these regions, but the corn continues to get by with hand-to-mouth rains.  Rainfall in Mato Grosso will be a question of the have and the have-nots, with rainfall favoring the northern half of the state receiving up to 6 inches, and the southern half of the state getting by with just one inch in the…

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