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eastern Nebraska | Oil World says WASDE is 8mmt too high on Argy carry-in stocks. Pretty easy to argue they could be a bit too high on Brazil and China's carry-in as well. Heck, one could even argue they're a bit high on US stocks. Point is, given current South American production estimate, minus 8-10mmt of overstated carry-in... that world stocks/use ratio is right on the edge of a rationing market. So, if the charts don't behave like the fundamentals suggest, there may be different fundamentals actually in play. I sense some sarcasm in your post, so I kind of have the feeling I'm telling you something you know already. LOL | |
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Chicago Wheat
