Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.
Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.
Stocks had their biggest rally in about 10 weeks as several strategists said the recent explosion of speculative buying won’t derail the bull market in equities.
Corn Futures Touch Fresh 7-Year High on Roaring China Demand
Bloomberg 1/27/2021 Kim Chipman and Nicholas Larkin
(Bloomberg) Corn prices in Chicago reached a seven-year high with China’s appetite for the grain stoking global supply concerns.
The U.S. Department of Agriculture on Wednesday unveiled corn export sales to China of 680,000 tons, as well as 132,000 tons of soybeans. That’s on top of a 1.36-million-ton corn export sale to China reported Tuesday, marking the Asian country’s largest one-day purchase from the U.S. since July.
China is buying up record amounts of American corn to feed a hog herd recovering from African swine flu. The purchasing spree has rocketed the crop to multiyear highs, raising concerns about higher food prices. Money managers have been betting on a rally, with bullish wagers on corn near the highest in a decade.
Oil Rises With Tighter Supply Outook Overshadowing Vaccine Woes
Bloomberg 1/25/2021 Andres Guerra Luz and Alex Longley
(Bloomberg) Oil gained the most in about a week with expectations for tighter global supply offsetting concerns that a bumpy Covid-19 vaccine rollout will further blunt demand.
Futures closed nearly 1% higher after fluctuating between gains and losses in Monday’s session. Key timespreads for both U.S. and global benchmark crude futures are in a structure indicating shrinking supplies. Iraq pledged to cut output in January and February to compensate for pumping more than its OPEC+ quota last year, and Libyan guards halted some crude exports after a pay dispute. At the same time, Russian seaborne exports of its flagship Urals grade will fall by about 20% in February.