It is not my usual practice to revisit the subject of a previous column. But in this instance I am compelled to do so because of the fast-changing global agricultural outlook and its implications for prices.

The sentiment around 2020/2021 global grain and oilseed production is now somewhat less optimistic due to a possible downward revision to the respective harvests. This comes amid doubts over the potential size of South American and Black Sea grain and oilseed harvests because of dryness threatening crops...

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