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| Nearby futures depressed.. spreads are wide.. basis is wide.. on too much low protein wheat.
So farmers respond with less fertility... shave costs..results in lower protein wheat..spreads widen.. cycle continues..
Market is vapor locked.
Usda overstates imports.. understates usage... situation goes from bad to worse..
Get to harvest... drought concerns... short funds blow out of big shorts.. see usda... fundamentals.. as justification..
Etc.. usda does pretty good but room for improvement..
Imho. | |
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A couple WASDE observations..
