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Many areas of the Corn Belt still need 12-15 inches of rain to reverse drought conditions.
The United States has not built a new Nitrogen producing plant since the early 1970’s.
End-user buying will determine how far prices correction on pullbacks.
Dry conditions in eastern Australia associated with El Nino.
Forecast calls for mostly normal precip across Corn Belt.
Rains can still benefit the soybean crop, but traders are also watching demand.
Markets have a muted response despite the bullish data.
How low NASS goes with initial crop estimates will determine how aggressively the World Board must slash 2012-13 usage projections.