The EIA yesterday reported that US crude oil inventories increased by 7.07MMbbls over the last week which was broadly in line with the 7.29MMbbls the API reported the previous day but significantly higher than the 1.45MMbbls the market was expecting.

The latest monthly data from the EIA shows that US crude oil production averaged 11.85MMbbls/d over December, which was a 0.5% decline from November, and is, in fact, the first month-on-month fall in US output since May.

China buys further US soybeans: Following trade talks in the US last week, China has bought further US soybeans, with both Sinograin and Cofco buying more than 1m tonnes each.

Not only could this be the start of a huge squeeze, but it could also be the start of the Fed’s worst fears: climbing inflation.

Over the past 10-days, Coffee and Sugar have made more than the S&P 500 has made this year.