The USDA raised its export estimates (and lowered its yield and thus carryover numbers - leading to another big planting year?) and the Canadians set records on a monthly basis. Imagine – Ag as the stable savior for rails in an uncertain time! According to the US Farm Report, the key for (calendar) 2021 is our and international harvests – the demand is there. Recent issues in the Ukraine (production down by 20%) and Argentina (where export taxes are designed to lower the Peso and curb inflation rather than aid grain sales) are positives; the decision by Russia not to embargo their wheat but rather push exports is less so….