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Re: A few quick thoughts
For me the big difference with what happened is precisely that we are not in May anymore but end of July and FND for September contract is on 22Aug. Therefore as I reported from Scasa, the main point is not so much the BRL strength or weakness but more and more as time lapsed:
"2-Focus now moving towards the start of the spring and summer rain season at the end of September, which will trigger the flowering for the next 2020 Brazil crop."