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    BEARISH USDA REPORT VS CURRENT BULLISH RISKS. WHO WILL BE RIGHT?

    10 Nov 2023
    By definition, a USDA report does not reflect the immediate market situation. The bearish report released yesterday was a typical example. For instance, higher USDA ending stocks took into account the bumper US corn (387MT) and Russian wheat (90MT) crops, but totally ignored the significant decrease of the S. American crop potential due to current adverse weather conditions. As such, prices could soon rebound from yesterday’s weakness as supply risks are currently on the rise...

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