Welcome to Insights — in-depth analysis of the topics driving markets, providing the background and context often missing from daily headlines.
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Last week I laid out ten reasons I thought this market was setting up for something bigger. In this Insights, I am digging deeper into the forces behind that move.
Let’s start with the Black Sea. The problem is increasingly physical — and corn may ultimately matter most.
Export flows have slowed to a snail’s pace as fighting has intensified, and USDA’s official balance sheet is looking increasingly out of step with what is happening on the ground.
The disconnect is hard to ignore.
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