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Tidbits, China, Return to Storage, Meat Exports Forecast 2/19/24


China returns to work today after their 15-day Lunar New Year Celebration. Reuters News Service reports there are signs that the China gloom and doom may be lifting, even if only temporarily. Equities have rebounded this year from five-year lows, and official figures on Sunday showed that tourism revenues in the Lunar New Year holidays were 47.3% more than last year and 7.7% more than pre-COVID levels of 2019.


The data will offer relief to financial policy makers battling slowing growth, deflation risks, weak consumer demand and commercial real estate property sector collapse.


As expected, China's central bank on Sunday left a key interest rate unchanged when rolling over maturing medium-term loans, a sign that benchmark loan prime rates will also be kept unchanged later this week.


Agrivest Commodities reduced their Brazilian bean crop estimate 1.8 mil. mts to 147.9 mil mts.

"While production estimates for Mato Grosso (MT) have been increased, we have scaled down projections for Mato Grosso do Sul (MS), Paraná (PR), and São Paulo (SP). This adjustment is primarily due to the adverse effects of the heatwave experienced during the pod-filling stages in December and January."

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