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    GREEN NEW YEAR START THANKS TO WEATHER, GEOPOLITICS & PRE-USDA POSITIONING!

    08 Jan 2026
    There are no major fundamental changes from 2025 to 2026: global grain markets remain well supplied and structurally bearish. However, 2025 ended with most crops trading near multi-year lows. In our view, the bulk of the bearish news is now priced in. Market attention has shifted to forward risks, which are currently more supportive. Below are the key near-term price drivers....

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