by Steve Freed
Unexpected large increase in Cases of China coronavirus has commodity, energy and stock markets trading lower. SH is down 1 cent and near 8.91. CH is down 2 cents and near 3.80. WH is unchanged and near 5.47.
The death toll from the coronavirus outbreak in China reached 1,367 as of the end of Wednesday, up 254 from the previous day, the country’s National Health Commission said. Across mainland China, there were 15,152 new confirmed infections on Wednesday, bringing the total number to 59,805.
China’s state reserve will release 20,000 tons of frozen pork on Feb. 14, according to a notice published by the government. China 1.4 billion population is hungry. The country’s burgeoning middle class, alongside a lethal pork disease destroying Asian pork stocks, have propelled its meat imports to all-time highs.
US weekly wheat export sales are est near 300-650 mt, corn 700-1,200 and soybeans 600-1,000 mt.
The Trump administration has touted the US-China phase one trade deal as a victory for American agriculture that will see China dramatically boost purchases of US food, but grain-trading giant Bunge isn’t so sure yet that the US-China trade situation remains a big uncertainty for 2020, with questions remaining around the timing of purchases and what goods China will import
The South American weather forecast for Brazil has no change as rains continue over the next 6 to 10 days for most of the growing regions with things turning drier the rest of next week. The Argentine weather forecast has rains today and tomorrow quieting down over the weekend; and front brings rains Monday and Tuesday of next week before turning quiet the second half.
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