- New covid strain…I have a feeling it is always going to be “something” with this virus. This isn’t necessarily bearish though given the market anticipation for more stimulus whenever bad news pops up.
- China sells out of corn in yesterday’s auction (via Pro Farmer)
- US congress passes 900 billion dollar stimulus package. US ethanol and bio fuel producers are winners as they will enjoy new tax benefits. The trade is starting to believe Biden will be friendly to US farmers over US oil producers. The stimulus package definitely pushes low carbon use.
- Export inspections remain on fire across the board. USDA is expected to raise demand in coming USDA reports.
- Argentina port strikes continue. Wheat delays are now being reported.
- Soybean oil makes a new 7 year high in the overnight. Edible oil markets demand is fantastic while supply is being rationed (see Russia sunflower oil)
- N/C Brazil will receive a good amount of rainfall over the coming two weeks. Argentina remains dry.
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