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| The futures rally is of course the first sign. The easy part of the rally is behind us, but there is still a lot of potential.
Next the spreads will narrow (and invert to discourage grain ownership. This has also happened to a degree, but my guess is that it will intensify late April through June, as pockets of limited supplies begin to appear.
Lastly basis will have to do the work. Regional shortages will be obvious and basis will move the product from areas where production is larger than usage | |
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Without an announcement by the USDA
