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That said, there could be a little support from another part of the globe, this time Argentina. While chaotic and often disastrous economic conditions seem to be the norm for that nation, the recent collapse in the Peso has prompted President Macri to implement austerity measures, part of which is to impose a 10% tax on grain exports. This has led some to speculate that with this, farmers will delay wheat sales and as they ready to move to the field for planting, could mean fewer acres of corn. Of course, the flip side of that is seeing the that export tax on beans and products is being reduced, that would suggest that soy acreage could be higher.
Macros are not providing much help as we begin this new month either. Metals are under solid pressure and the dollar strong, but at least energies are witnessing a little bounce. Note that regularly scheduled government releases will be delayed one day this week due to the Labor Day holiday, but realistically the report that most will be looking forward to will be the September production and supply/demand estimates next week. Trade estimate should begin to filter in later this week.
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