Close: London Session | Forex, Metals, Oil, Agriculture June 16, 2021

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Agriculture

The corn good to excellent rating came in at 68% versus 72% a week ago. In the overnight electronic session, the July Corn is currently trading at 669 ¾ which is 2 ¼ cents higher. Yesterday’s Crop Progress showed both corn and soybeans ratings drop. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.

Currencies

“Turkey would likely suffer disproportionately given its reliance on strong risk sentiment from international investors.” A stronger dollar would also add further pressure to the Turkish lira. A less dovish Fed and the introduction of taper talk could boost the US Dollar and drag on the pair. Gold came under pressure amid a stronger US Dollar on expectations that the Fed could start introducing a gradual move towards tightening monetary policy. In global markets, gold rates were down to near the lowest level in four weeks amid a stronger US dollar.
less Gold prices extended lower during Wednesday’s APAC session as the US Dollar and 10-year Treasury yield edged higher. less Gold prices fell for the fourth consecutive session on Monday as the U.S. dollar continues to strengthen. The dollar was little changed against a basket of major currencies, after hitting a one-month high in the previous session. less With the outcome of the FOMC meeting awaited, the dollar is narrowly mixed in quiet turnover.
Any revision of QE timing would trigger a rally in the dollar and bond yields. The dollar edged lower versus major peers, and bitcoin dropped back under $40,000.

Metals

The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Gold prices for the latest contract on MCX are trading up by 0.2% at Rs 48,505 per 10 grams. Technically, gold prices breached below an “Ascending Channel” formed since early April and have since entered a technical correction. Gold prices are trading up by 0.3% at Rs 48,539 per 10 grams. On the flip side, if the Fed remains dovish and hints at a further delay in the debate, gold prices may embrace a relief rebound.
Ilya Spivak, a currency strategist at DailyFX, noted that the recent decline in gold prices reflects the Feds’ anticipated tapering of quantitative easing. less Depending on the upcoming FOMC meeting, gold will need to choose one of the two ways down – the ski trail or the black slope. Gold futures on MCX were up 0.1% to Rs 48,476 per 10 grams and hovered near one-month lows. Gold is straddling the $1860 area while trading inside yesterday’s range, which was within Monday’s range.
It also predicted a record increase in gold supply from mines this year.

Oil

It owns 50,000 miles of pipelines that transport natural gas liquids (NGLs), crude oil, natural gas, and other refined products. Consider SPDR S&P Oil & Gas Equipment & Services ETF (XES) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Oil and gas companies are not typically associated with long histories of distribution growth due to the underlying cyclicality of the energy business. Pledges More Money for Poorer States to Cut Emissions Kerry also pushed major oil and gas producers to adopt cleaner energy policies.
Each of these downturns got associated with steep declines in oil and gas prices. It also owns storage assets with 260 million barrels of NGL, petrochemical, crude oil, and refined products storage capacity. That’s what happened when a judge threw out the Biden administration’s ill-conceived drilling moratorium for oil and gas on federal lands. A recovery in demand from the pandemic and a drop in U.S. crude inventories supported oil prices.
The computer industry was one of the biggest consumers of energy just after petroleum, natural gas and chemical companies.
If we think back to last year, oil demand was extremely low, making the current percentage rise temporary.

United States

Regardless of the name of the economic events listed below, the only thing that matters today is the Fed meeting and the subsequent press conference. Bullion lost more than 2% of its value since last Thursday, as expectations were built surrounding the Fed’s timeline to scale back asset purchases in the two-day FOMC meeting. Markets quietGlobal equities are relatively calm as investors wait for today s Fed decision and press conference. Therefore, inflationary pressures may be seen in the months to come and may strengthen the case of tapering the Fed stimulus.
Singapore 92 RON crack eased on back of stock build in the US last week and on back of bearish cues from US RBOB crack. “The real question is does inflation become a bigger worry or a smaller worry,” said Jonathan Woloshin, head of U.S. real estate at UBS Global Wealth Management. the Fed focuses on financial market fortunes the most.On #EconTwitterExamining U.S. inflation expectations by age group.Read more reactions on TwitterSave the DateWatch the future unfold.
less The Nasdaq 100 pulled back a bit during the trading session on Tuesday to show signs of exhaustion. If the Fed hints that it’s ready to taper its stimulus, the long-term rates will likely rally, whereas stocks, precious metals and commodities will likely slide. The Fed is expected to hold rates steady at 0.0-0.25% until at least 2023, while discussions about dialing back stimulus will begin in early 2022.

Europe

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