Highlights, S&D Expectations, Rain Days Update 11/6/22
China’s health officials issued a statement Saturday afternoon saying it will continue with its "dynamic-clearing" (aka: zero tolerance) approach to COVID-19 cases adding that measures must be implemented more precisely. We are not sure if "more precisely" means more or less strictly.
Asked if there would be a change of policy in the near term, disease control official Hu Xiang said China's measures are "completely correct, as well as the most economical and effective."
This is bearish for crude oil and beans. Maybe sell some futures, buy puts or write calls, but don’t panic sell your cash beans unless you are willing to re-own them with futures. We could easily see beans down 50 cents this week with possibly slightly better bean yields to boot expected on Wednesday.
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