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Latest From John Buckley
Some bouts of weakness for the Canadian dollar and a firmer breeze from European markets kept Winnipeg canola futures aloft for much of this week, despite some moderately bearish revisions to domestic demand.
Will India backpedal on its virtual Malay palm boycott and, if so, when? Will Malaysia produce more or less than expected in the early weeks and months of 2020? And what is China up to, taking less than expected in the run-up to its Lunar New Year celebrations?
This week’s news of China’s worsening corona virus outbreak has little direct influence on the soy market but helped keep the spotlight on a possible feed demand cutback due to African Swine Fever in the country’s pig herd.
Market talk that dry-weather damage to crops in number four supplier Thailand would turn out worse than expected gave added fuel to the sugar price rally this week, helping raw futures to two-year highs.
Mixed signals for US export and ethanol demand and ongoing uncertainty about the true size of this year’s US supply kept CBOT corn futures oscillating in a fairly narrow price band this week.
While still evaluating the impact of mixed grind quarterly grind data from the close of last week, cocoa futures managed to hit new 20-month highs on some bullish crop news from origins.