Markets started off in risk off territory on Monday, but ended positive for most of the commodity complex. Mike Zuzolo, Global Commodity Analytics, highlights that it may have started as a buy the rumor sell the fact with Congress finally getting a stimulus package near the finish line. Then pushing the risk off button more was London moving back into lockdown with a new strain of Covid-19. At the end of the day with the World Health Organization reassuring traders that the new strain should not be of great concern with the vaccine rollout. That helped to get equities back positive and commodities followed.
Zuzolo also shares the latest information from his grower survey on planting intentions for 2021. The latest round of government aid may be the final decision some farmers have for corn or soybeans in 2021.
Zuzolo also touches on wheat and weather. There is a possibility the current La Nina could weaken into the 2021 growing season.
Catch all of Zuzolo’s market comments from the Final Bell here: