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On the Grains
Good Friday morning, here we are trading headlines again. What exactly is “priced into this market” remains to be seen. Bullish headlines get bearish results, and vice versa. As we mentioned yesterday, The Buenos Aires Grain Exchange cut its estimates for its soybean crop to 49.6 MMT and took corn to 49 MMT as well. Both crops were cut by 1 MMT, a seemingly small number, and undoubtedly numbers that Brazil will more than offset. More critical for US exports was the release of Argentina’s reduction in export duties, revised down from 12% on corn to 9.5% and from 33% to 26% on soybeans, while bean products went from 31% to 24.5%. They want the business, and the world will react.

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