Rains Found Infront of Reproduction

We do agree with the discussion that corn and soybean yields before reproduction need “some” type of yield discount. But let's be very clear about yield determination. July weather, specifically at/just after reproduction, is the absolute Super Bowl. If the forecast holds we are certainly not at -12% for corn yields and certainly not -10%. We're moving down sharply to the -3% to -7% range at worst for corn. Please see the price outlooks below. IF the forecast reverts back to a problem we'll be quick to change our view.

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