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    IN A NEW BEARISH CONTEXT, CAN JULY WEATHER CHANGE IT ALL AGAIN?

    15 Jul 2022
    Since the war began prices have skyrocketed amid lower Black Sea supplies combined with weather risks affecting all the major production areas. The context has changed in the past weeks and prices collapsed, delivering the fastest and strongest fall since 2008. The supply & demand roller coaster is at a climax and is unlikely to end soon, even if Black Sea exports were to resume normally. So what's next?

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