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Brazil’s second crop corn harvest is advancing quickly, reaching approximately 40% this week.  At their present trajectory, they will likely reach the 50% point this weekend, well ahead of the five-year average.  We spoke with one producer in Central Mato Grosso that got a jump start on planting back in January.  They plan to be finished by the end of this month, while Mato Grosso should be wrapped up by the end of July.  Harvest progress is at least a week ahead of the historic average as fields have dried out quickly.   Domestically, soybean prices have rebounded off their harvest lows back in February and experienced a 20% rally in local currency.  Much of that has to do with their currency weakening by nearly 10% since January 1st.  A weaker Brazilian Real means more Reals per US Dollar.  The exchange rate has broached 5.40 Real per US dollar, currently compared to 4.90 Reals at the start of the year.  This can give farmers a little better price in their local currency despite languishing global soybean prices making Brazil soybeans more attractive for buyers.  Of course, the opposite of that is true as well.   Brazil’s exports are currently running…

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