All currencies are lower today, except for the ¥. The Yuan and other EM markets are down as well. USDMXN is 19.0532 +0.0664 (+0.35%)m USDCOP is unchanged at 3,333.53 and USDBRL which closed at 4.0400 is estimated on the CME at 4.0480 in spot equivalent.
Bond futures are higher and steady and providing support for gold and silver. Equities are sharply lower as is oil. Softs are all higher.
I have the impression that, frost or not, Brazil will experience a cold winter, based on almost zero temps arriving so early in the frost season. As to the USDA report, I just noticed a projection by CN showing a decrease in global output, which I will post shortly. Personally I thing that the current level is a buying opp. We’ll see what the market tells us.
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