The Renminbi continued to strengthen this week, hitting 6.80 to the US Dollar, the highest since March 2023.
Corn prices continued to fall today on the discussion of sales of reserve rice. The decline has seen a fall in open interest as longs closed out positions.
Urea futures also continued to fall. Prices had rallied to a pre-holiday peak of 2082 yuan per ton on rumors of easing export restrictions but are now down 7.7% from that peak....