JAN 11. DECOUPLING FROM PANDEMIC.

[01/11] USA, 1.4M COVID-19 CONFIRMED CASES IN A DAY. It was shocking day as US have more than 1.4M people of COVID-19 confirmed cases in a single day. Spain was 300K, Italy 120K, India 170K and UK 140K, around the world, 3.3M people got COVID-19 in a day. In China, Tianjin, Jiangsu and Shenzhen have new COVID-19 cases. You know what? People seems don’t care about this big numbers anymore. World equity and commodity markets are quickly DE-COUPLING from this COVID-19 numbers indeed. Everyone got big shock in the morning with this huge number and gone. No one really cares anymore. US Stocks market rebounded nicely today as T-Bond yield retreated big. But overall, it was very light traded volume. DJ up 0.51%, S&P up 0.92% and NASDAQ up 1.41%. Investors are in strong belief that FED will tighten monetary policy to control the inflation and maintain the market stability in near future. US Dollar weakened and Spot Gold added value today. USD Index fell 0.34%, settled at 95.614 points. Crude oil showed big surge. Brent oil futures up 3.5%, settled at $83.72 today. US Inflation status will be reported tomorrow. It’ll be a big day for remaining January. In Ag market today, another choppy trading, Chinese quiet day. Chicago soybean meal downed 0.7%, corn and soybean, just both sides traded, not much changed. Soybean oil was up 1.5% based on strong crude oil and Palm oil markets. Wheat market showed comparatively big jump due to some short coverings and spread unwinding. Remember, tomorrow is USDA’s WASDE REPORT Day. No one will take any risks anyway. CONAB says Brazil’s soybean crops could be 140.5M MT from their last estimation 142.8M MT. That was a bit surprising move from CONAB. Agronegocious says 136.2M MT instead of their last estimation, 145.6M MT. Another estimation guys, CORDONNIER says 135M MT this time, their estimation was 138M MT. So, overall, Brazilian soybean new crops would be in range of 138M MT to 141M MT. Last year’s soybean production of Brazil was 137.3M MT. It’s still huge production for sure but a month ago, it was very close to 150M MT! Argentine’s soybean numbers would be 42~44M MT ranges, it was 48~50M MT ranges, a month ago. Tomorrow would be a big day for Ag market as well. New bulls could be started by tomorrow.

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Chun09

Trying every day, engraving what we’ve been through

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