Below is a chart for Mar20 beans. You can see where they were headed before they announced the Phase One agreement back in Dec. Looks like we're headed back there again. There's rumors of another round of MFP being necessary to keep this ship afloat until next fall. On top of that, the spring insurance price period starts in a week. If the spring price is that $8.80 target then the corn acres will jump for sure.
In the 1980's, it took years to sort out the follow-on effects of the Russian Grain Embargo, I expect it will be the same again.
