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Tidbits, Earthquake in Taiwan, Brazil Corn Production, Bird Flu, Median Income 4/3/24

Highlights


An earthquake east of Taiwan with a magnitude of 7.2 rocked Taipei this morning knocking out power in several parts of the city. A tsunami warning for the islands of southern Japan and the Philippines was issued. 

 

The quake hit at 07:58 am local time (2358 GMT) at a depth of 15.5 km (9.6 miles) just off the eastern coast of Taiwan. Tsunami waves of up to 3 meters (10 feet) were expected to reach large areas of Japan's southwestern coast.

 

Disasters increase demand for just about everything, including food.


Tuesdays are always slow news days. It is the only day of the week with no weekly CFTC or USDA reports issued. Outside of weather, rumors, and political bickering, Tuesdays are quiet days.

 

Yesterday was a typical Tuesday. A little more rain in the forecast for the US hard red winter wheat areas, rain fell in much of the Corn Belt, farmer selling of corn and beans in Brazil slowed considerably, the USDA attaché in Brazil lowered his estimate of Brazil’s corn production to 122 mil. mts (USDA 124), commodity funds were buying soyoil, gold (made all-time high), crude oil (six month high), selling corn, soybeans, soymeal, wheat.

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