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If this doesnt tank grain markets nothing will
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The U.S. has lost considerable influence on global grain pricing. The Black Sea dictates global wheat prices. Brazil now considerable influence over global soybean values. The U.S. is still king of corn.
U.S. weather is very important, but as we saw with wheat, a poor U.S. wheat crop provided little price support through the winter. Also, varietal improvements and technology have leveled the production field.
The world is flattening from a technology perspective and now the days of the king is pricing appear limited, if not gone (IMO).
Demand now has become more a pricing influence than supply in my view.
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