Daily Close | Forex, Metals, Oil, Agriculture April 19, 2021



Source: CQG Before October 2020, CBOT soft red winter wheat futures had not traded above the $6 per bushel level since July 2015. Rising soybean, corn, and wheat prices make ADM and BG growth stocks as we head into the 2021 crop year starting with the planting season this month. Corn recently traded to a peak at $6.0150 per bushel and was not far from that level on April 16. Source: CQG At the $5.8675 level, nearby corn futures are at the highest price since July 2013.


It s a means of exchange that will replace the corrupt government dollar, but it will also never stop rising in value, meaning you should never actually use it. less The US Dollar put in a quick move of weakness to start the week, furthering the Q2 theme that’s seen a large chunk of Q1 gains wiped out. The dollar fell.Technology shares dragged down the S&P 500, which posted its biggest drop in almost four weeks. The US Dollar bottomed in the first week of Q1, after which a grind developed around Fibonacci support in the vicinity of the psychological level at 90.
That could lift the euro.


less Gold rallied last week toward the top of a down-trending channel that has been in force since prices peaked last summer. For one, the gold market appears overdue for a period of seasonal strength after suffering an unusually bad first quarter. The paper market for silver typically doesn’t react, at least not immediately, to developments in the bullion market. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought.
Gathering strength in the mining sector in recent weeks suggests investors there anticipate firmer gold prices. Gold prices may also be due to play catch-up to palladium, copper, and other outperforming metals. Copper prices surged to a seven-year high on prospects for strong demand and a pickup in inflation as economies rebound. The gold market subsequently slumped to a potential double-bottom low in March around $1,675/oz.
What’s bullish for gold is typically super-bullish for silver. Silver bulls are watching for a move above $27.00/oz to establish a breakout above the March high. Steel, iron, industrial chemicals, diesel and plastic resins were big gainers.


Similarly, the output of mining that generally includes oil and gas exploration climbed 5.7% last month from a drop of 5.6% in the previous month. Adam Minter Oil majors can switch from gas pumps to EV plugs, but they ll need some new skills.

United States

“We know how to deal with inflation,” he said, adding that he expects price increases to stay near the Fed’s 2% target. That trend continued in the first week of April to start the year’s second quarter, according to the Fed’s latest weekly survey. As we head into the 2021 crop year in the US and northern hemisphere, oilseed and grain prices remain near multi-year highs. Remarkably, the capacity utilization rate for the industrial sector increased to 74.4 in March from February’s 73.4, per the Fed report.
Some highlights of banks’ holdings:Source: Federal ReserveThe Fed also reported the assets of large, small and foreign-related U.S. lenders. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. Whether it’s a hawkish Boston Fed chief Eric Rosengren or a dovish San Francisco Fed President Mary Daly, the message is largely the same: Don’t worry, be happy.
“When the US sneezes, the world catches a cold” – goes the adage about economic crises, and the same goes for booms. less Image Source: Unsplash The inevitable reversal of markets grabbed hold today and the Dow Jones, the S&P 500, and above all the Nasdaq indexes dropped. The Fed will slow down its purchases but will probably not sell any bonds and will continue to reinvest principal as it matures, at least for a while. “The Fed is out of control,” he said.
Odeon Capital strategist Dick Bove told Maria Bartiromo on Fox Business Network that he thinks the Fed has lost control of the money supply.
During the last two years, the legal cannabis movement has gained considerable traction in the US. In general, Fed officials seem keen on projecting the image that they are firmly in control. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. More recently, Tesla’s stock price has been rocked by mixed headlines on Wall Street. less AppLovin stock hit the Nasdaq on April 15. But some people aren’t so sure the Fed is on top of things.
Unheard of in the days when all Wall Street could say was “Buy”. Unfortunately, AppLovin Corp. (NASDAQ: APP) shares dive-bombed quickly after that.


Beijing is unlikely to lift it before mid-year at minimum, according to a Rabobank report from March. Alex Webb Political statements from athletes would do more good than boycotting the Beijing Olympics.


Source: FXStreet To make forward-looking assessments, the ECB looks at these gauges of future activity and it may also shape their upbeat outlook. less “Delayed, not derailed” – that has been the message coming from Christine Lagarde, President of the European Central Bank, and she will likely repeat it. PM Boris Johnson canceled his trip there today.