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NW Indiana | It is simple. Prior to the agreement the market was trading 10-10.50 trying to figure out china purchases. Had we got zero we were staring at 9.50 beans. 12mmt is logical in the 10.50-11 range. Had we gotten 22mmt like the previous year 11.50-12 would have be justified. The market shot higher than it should have based on positioning of the participants. With 25mmt on the table for this growing season it does open the door for a seasonal rally. | |
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12mmt
