Strong Dollars and WASDE dawning of reality behind Argentina crop adjustment that barely dents world carry out of Soybeans remaining at just above 100 Mil MT inventory for the 22/23 crop season (2X a normal Argentina crop). Oilshare is also falling and headed to 36%, not seen since Feb2021. More importantly and related to Soybeans is corn that is most surprisingly plentiful since it is a rotation crop with beans showing >296 Mil MT of inventory carry out for the 22/23 season which is higher than last estimate. Overnight surgical strikes on Ukraine didn't dent strong US$ which is bearish all commodities as CRB Commodities index hangs on a thread. Only peace in Ukraine can resume a bull cycle.
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