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The February WASDE report gave us another bearish report that will likely give bears further incentive to maintain their foot on the neck of any potential rally.  We had not expected much by way of changes in the domestic stocks reports.  Most of the focus was on potential production changes in South America.  CONAB gave us a glimpse of hope when their report was released earlier in the day.  CONAB cut Brazil’s production estimates on the low end of the range, giving us our first government report below 150 MMT this year at 149.4 MMT.  This was a big cut from their previous report of nearly 5.9 MMT.  I have always held a bias towards believing CONAB more when it came to Brazilian production simply because they have more of a presence.  The same way I don’t rely much on the USDA to tell me what the South American crop size is, I would not rely on CONAB to tell me what the US crop size is.   And yet the trade still listens more to the USDA related to South America.  We did not expect the USDA to catch up to CONAB, but we did expect them to make…

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