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It is a WASDE week but updates from USDA did little to spur any reaction in price. The fluid situation in the Persian Sea continues to shift dynamics in money flow, which we highlight on News page 4. The long-term impact of the war remains up to question as physical trading are seeking to find alternative routes for commodities, namely oil, outside of the Strait of Hormuz. The impact on acres remains largely unknown with urea flows being disrupted, but demand for both corn and soybeans remains robust. Vegetable oils are a hot commodity as biofuels are gaining additional attention with the futures of oil up to question. Phytosanitary concerns are limiting soybean exports out of Brazil and concerns continue to perk up over safrinha plantings, which are now well passed the ideal planting window.. We cover all this and much more in this week’s newsletter.