Agriculture
Uptrend scenario The uptrend may be expected to continue, while the sugar market is trading above support level 12.9, which will be followed by reaching resistance level 13.8. Downtrend scenario A downtrend will start as soon, as the cocoa market drops below support level 2392, which will be followed by moving down to support level 2205. Downtrend scenario A downtrend will start as soon, as the soybean market drops below support level 989, which will be followed by moving down to support level 978.
Downtrend scenario A downtrend will start as soon, as the soybean market drops below support level 854, which will be followed by moving down to support level 816. Uptrend scenario The uptrend may be expected to continue in case the soybean market rises above resistance level 908, which will be followed by reaching resistance level 941. Downtrend The downtrend may be expected to continue, while the coffee market is trading below resistance level 119, which will be followed by reaching support level 95 – 89.
An uptrend will start as soon, as the coffee market rises above resistance level 119, which will be followed by moving up to resistance level 132. I continue to favor the upside in the sugar market and expect the price to challenge the 15.90 cents per pound level sooner rather than later. The technical position of the sugar market is bullish, and the next level of technical resistance stands at the early 2020 high at 15.90 cents per pound.
The Teucrium Sugar ETF product (CANE) and the iPath Series B Bloomberg Sugar Subindex Total Return ETN (SGG) follow the price of sugar futures higher and lower.
Downtrend scenario A downtrend will start as soon, as the soybean market drops below support level 854, which will be followed by moving down to support level 816. Uptrend scenario The uptrend may be expected to continue in case the soybean market rises above resistance level 908, which will be followed by reaching resistance level 941. Downtrend The downtrend may be expected to continue, while the coffee market is trading below resistance level 119, which will be followed by reaching support level 95 – 89.
An uptrend will start as soon, as the coffee market rises above resistance level 119, which will be followed by moving up to resistance level 132. I continue to favor the upside in the sugar market and expect the price to challenge the 15.90 cents per pound level sooner rather than later. The technical position of the sugar market is bullish, and the next level of technical resistance stands at the early 2020 high at 15.90 cents per pound.
The Teucrium Sugar ETF product (CANE) and the iPath Series B Bloomberg Sugar Subindex Total Return ETN (SGG) follow the price of sugar futures higher and lower.
Currencies
The decline in the rate differential between the euro and the dollar is a compelling reason for the weakness in the dollar and strength in the euro. I last wrote about the euro versus the dollar currency pair on Seeking Alpha on June 10 when it was below the $1.1400 level against the dollar. The Invesco Currency Shares Euro Currency Trust (FXE) moves higher and lower with the euro’s value versus the dollar. The ETF does an excellent job tracking the moves in the futures and OTC foreign exchange market for the euro versus the dollar currency pair.
Perhaps the most significant factor supporting the euro and weighing on the US dollar is the narrowing of the interest rate differentials between the two currencies. The most direct route for a risk position in the euro versus the dollar is via the over the counter foreign exchange or futures markets. Since March, the dollar index has declined sharply, and the euro has made a significant comeback against the US currency.
The decline in the rate differential made the euro more attractive than the dollar for governments that hold the currencies. When the index rose to its peak, the exchange rate between the dollar and the euro fell to a low of $1.0671. The path of least resistance for the euro against the dollar is higher, and the bullish trend may just be getting started.
Perhaps the most significant factor supporting the euro and weighing on the US dollar is the narrowing of the interest rate differentials between the two currencies. The most direct route for a risk position in the euro versus the dollar is via the over the counter foreign exchange or futures markets. Since March, the dollar index has declined sharply, and the euro has made a significant comeback against the US currency.
The decline in the rate differential made the euro more attractive than the dollar for governments that hold the currencies. When the index rose to its peak, the exchange rate between the dollar and the euro fell to a low of $1.0671. The path of least resistance for the euro against the dollar is higher, and the bullish trend may just be getting started.
Metals
The price of a gold ETF that holds physical gold will track the gold price automatically. We look back at our pre-correction discussion on gold, silver, and gold mining names from last week. : We think that speculative demand for gold can push COMEX gold prices further higher by year-end, which will, therefore, boost SGOL. The unwinding of net long speculative positions in COMEX gold makes gold’s spec positioning healthier. A likely explanation is that large speculators are focusing more on gold ETFs than on gold futures.
We discuss gold prices through the lenses of Aberdeen Standard Physical Gold Shares (SGOL).
Like gold, speculators slashed their net long speculative positions in COMEX silver as a result of the rebound in US real rates. * * * On another note… We think gold could DOUBLE and silver could increase by up to 5 TIMES in the next few years. It wasn’t just gold, as silver corrected be roughly 20% and many mining stocks got hammered at the same time. BEFORE THE BELL Canada’s main stock index futures rose as gold prices surpassed the $2,000-mark due to worries over increasing coronavirus cases boosted demand for the yellow metal.
We discuss gold prices through the lenses of Aberdeen Standard Physical Gold Shares (SGOL).
Like gold, speculators slashed their net long speculative positions in COMEX silver as a result of the rebound in US real rates. * * * On another note… We think gold could DOUBLE and silver could increase by up to 5 TIMES in the next few years. It wasn’t just gold, as silver corrected be roughly 20% and many mining stocks got hammered at the same time. BEFORE THE BELL Canada’s main stock index futures rose as gold prices surpassed the $2,000-mark due to worries over increasing coronavirus cases boosted demand for the yellow metal.
Oil
MARKETS TODAY OIL: Oil prices steadied, hanging on to gains from the previous session thanks to high compliance with production cuts from members of the OPEC+ producer group. China oil imports recently have been at record highs, and it appears that their oil demand is starting to exceed pre-coronavirus levels. Separately, reports suggest some 14 million barrels of oil in seven super-class tankers are on their way to China now. The energy industry and Alaska Governor Michael Dunleavy said opening ANWR to drilling would create jobs and boost the state’s economy, which is reliant on oil production.
The trend of falling U.S. supply will be enhanced as China starts to buy 20 million barrels or more of U.S. oil. Please also see our Cross Commodity Report published yesterday, a joint publication by the power, carbon, coal, oil and gas analyst teams in Refinitiv Commodities Research. Saudi fuel oil exports last week were assessed at 230,000 MT split into three parcels.
Separately, reports suggest some 14 mln barrels of oil in seven super-class tankers are on their way to China now. The eclectic list includes everything from tech names, travel and leisure companies, electric vehicle stocks, oil giants, stocks under $10 and exchange-traded funds (ETFs). The president also said the Chicago violence was worse than Syria, before going on to claim that US forces took the country’s oil.
The trend of falling U.S. supply will be enhanced as China starts to buy 20 million barrels or more of U.S. oil. Please also see our Cross Commodity Report published yesterday, a joint publication by the power, carbon, coal, oil and gas analyst teams in Refinitiv Commodities Research. Saudi fuel oil exports last week were assessed at 230,000 MT split into three parcels.
Separately, reports suggest some 14 mln barrels of oil in seven super-class tankers are on their way to China now. The eclectic list includes everything from tech names, travel and leisure companies, electric vehicle stocks, oil giants, stocks under $10 and exchange-traded funds (ETFs). The president also said the Chicago violence was worse than Syria, before going on to claim that US forces took the country’s oil.
United States
Yesterday, the US reported roughly 40,000 new cases yesterday, the lowest number in weeks, even as deaths continued to climb at an aggressive pace after passing 170,000. The news after the President said he would start looking into pardoning the infamous leaker, Trump, however, specified it wasn’t him. While the U.S. presidential election is still three months away, some are already prepping for heightened volatility associated with prolonged political uncertainty, the Wall Street Journal reports.
John Kasich said he didn’t believe Biden would turn “sharp left.” This time, Sanders delivered an unqualified endorsement of Joe Biden and a harsh indictment of Trump. Earlier this year, Joe Biden said he would keep the US embassy in Israel should he be elected to the White House. Excluding one-time items, Kohl’s lost 25 cents per share, compared with Wall Street estimates of a loss of 83 cents per share. Excluding one-time items, Kohl’s earned 25 cents per share, compared with Wall Street estimates of a loss of 83 cents per share.
The Lincoln Project, a Republican-led super PAC and an anti-Trump group, also released a scathing ad against the president for the US hitting 140,000 coronavirus deaths. With roughly 154% debt to GDP ratio, the Fed may not raise rates for very a long time (possibly ever). To us, this seems like sheer fantasy, as that would imply that the US economy is on a strong recovery path from the Coronavirus lockdown.
John Kasich said he didn’t believe Biden would turn “sharp left.” This time, Sanders delivered an unqualified endorsement of Joe Biden and a harsh indictment of Trump. Earlier this year, Joe Biden said he would keep the US embassy in Israel should he be elected to the White House. Excluding one-time items, Kohl’s lost 25 cents per share, compared with Wall Street estimates of a loss of 83 cents per share. Excluding one-time items, Kohl’s earned 25 cents per share, compared with Wall Street estimates of a loss of 83 cents per share.
The Lincoln Project, a Republican-led super PAC and an anti-Trump group, also released a scathing ad against the president for the US hitting 140,000 coronavirus deaths. With roughly 154% debt to GDP ratio, the Fed may not raise rates for very a long time (possibly ever). To us, this seems like sheer fantasy, as that would imply that the US economy is on a strong recovery path from the Coronavirus lockdown.
China
On the other hand, overall traded prices in pilots increased – Beijing ETS saw record high trading price of CNY 93.7/t (~ 12.1 /t) on June 22. As a reminder: Global cases now top 21.8 million, with deaths passing 774,000.Markets mixedInvestors looked past fresh tensions between Washington D.C. and Beijing over Huawei. The flow of Beijing’s stimulus funds is, to a great extent, driving sentiment.
Europe
European Union leaders hold what s likely to be a largely symbolic call tomorrow on the violent aftermath to the elections in Belarus. Brexit talks | U.K. and European Union officials have the next seven weeks to find something that has eluded them since March: an agreement over their future relationship. Succession politics | Chancellor Angela Merkel will attend a cabinet meeting today in North Rhine-Westphalia to give a boost to Armin Laschet, the premier of Germany s industrial heartland.
He has stumbled in his bid to win the leadership of Merkel s Christian Democratic Union, a role that would make him the front-runner to replace her.
The top UK and EU negotiators (Frost and Barnier) have dinner tonight to kick off the week of staff negotiations. The country is the EU’s top producer, manufacturing 2.7 million last year. In addition to UK trade talks, the EU is being challenged on two other fronts. The situation presents the EU with a chance to flex its rarely used foreign-policy muscle. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc.
Angela Merkel and Emmanuel Macron waded into the Belarus crisis, highlighting Russia’s pivotal role.
0 He has stumbled in his bid to win the leadership of Merkel s Christian Democratic Union, a role that would make him the front-runner to replace her.
The top UK and EU negotiators (Frost and Barnier) have dinner tonight to kick off the week of staff negotiations. The country is the EU’s top producer, manufacturing 2.7 million last year. In addition to UK trade talks, the EU is being challenged on two other fronts. The situation presents the EU with a chance to flex its rarely used foreign-policy muscle. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc.
Angela Merkel and Emmanuel Macron waded into the Belarus crisis, highlighting Russia’s pivotal role.
