The flowerings that came from the rains preceding the cold wave in July are now at risk; the farmers know it and are not pressuring price. Fact is,brazil diffs are the highest they have been in years; a leading fundamental indicator that heralds a constructive technical price profile.Managed money is short in all time frames. I would not be short here, unless of course you have a conviction that the reais will weaken substantially from here. Thank you.
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