Daily Close | Forex, Metals, Oil, Agriculture April 30, 2021

However, the huge demand for basic ingredients, like wheat, corn, and soy from China, is driving an increase in food prices. In the overnight electronic session, the July corn has been trading at 647, which is 1 ¼ of a cent lower.

Output in the 19-nation euro area was down 0.6% in the first quarter and declined at nearly three times that pace in Germany. President Joe Biden administration’s unprecedented spending packages are helping to boost economic growth, a positive for dollar bulls. less No tapering for now – the Fed’s dovish message has weighed on the dollar, but British issues have limited sterling’s ability to rise. The dollar climbed.Most major groups in the S&P 500 fell, with energy and technology shares leading losses.
The dollar is now poised to end a three-week losing streak.

Copper topped $10,000 a metric ton on Thursday for the first time in a decade and has been among the best performers in a scorching surge in metals prices. He is also the author of the 2015 book, The Coming Renewal of Gold’s Secular Bull Market which is available for free. less There are three ways junior gold and silver companies can add value, which leads to outperformance. Arkadiusz is the author of the monthly Market Overview reports and Gold Monitor News at Sunshine Profits.
Gold may benefit from such a seasonal aberration.

The U.S. Rig Count is up 32 rigs from last year’s count of 408, with oil rigs up 17, gas rigs up 15, and miscellaneous rigs unchanged at 2. The Canada Rig Count is up 24 rigs from last year’s count of 27, with oil rigs up 13 and gas rigs up 11. The Canada Rig Count is down 4 from last week to 51, with oil rigs up 3 to 20, and gas rigs down 7 to 31. Buyback queries were not dealt with in the conference call, but Shell insisted it would keep asset prices at last year’s level despite a higher oil price.
That’s pushed the Bloomberg Spot Commodity Index to the highest level since 2012 in previous sessions.Some technical gauges of market health reflect the short-term risks to oil demand. No wonder the oil giants discussed a once-unthinkable merger last year. Though higher oil prices are supporting the energy giants’ recovery, the pandemic’s effects linger. Then an innovation which is meaningless was introduced: a shareholder vote on the Shell transition strategy as it moves away from oil production.
The edible oil trade is expecting an increase in areas under oilseeds such as groundnut and soyabean. A viral onslaught in India is the most notable threat to a worldwide oil recovery. Prices still remain on track for a weekly gain after topping $65 a barrel on Thursday for the first time since mid-March. Unl talked about the impact of the Texas blizzard; about the positive impact on earnings of chemical and refining operations, and the negative impact of LNG on earnings.
The NNPC, the sole importer of gasoline, is absorbing the difference between the cost at which it purchases the fuel and sells it to wholesalers and retailers.

With the Fed intent on keeping accommodative monetary policy and getting inflation rates higher, there is plenty of room for interest rates to go up. The Dallas Fed chief has been one of the Fed’s more hawkish officials and has said that he projects the central bank will raise interest rates next year. Unless the Fed institutes yield curve control, which seems unlikely, then rates will have to go up from here. A key measure of consumer prices that the Fed officially uses for its target had the biggest increase since 2018.
He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
Infections in the US have also turned down after a moderate wave early in April.