Brazil fire sales
Monday, May 1, 2023 at 2:46:01 p.m. UTC
Top 3 – Things to Watch this week:
1. Brazil is making fire-sales with soybeans and corn. China has cancelled US orders and US is importing soybeans from Brazil.
2. The funds are record short wheat and corn.
3. First Republic bank has failed this is the 2nd largest bank to fail in US. However, JP Morgan has “stepped” in and absorbed First Republic bank preventing further damage.
This week’s Action Item:
Since the Funds are record short they are probably pushing this market down too far. Right now it is the time to be busy seeding.