Daily Close | Forex, Metals, Oil, Agriculture August 27, 2021

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Agriculture

On the Corn front, the market had weaker export Sales than anticipated. In the overnight electronic session, the December corn is currently trading at 548 ¾ which is 2 cents lower. The job’s a game (A Spoonful of Sugar, Richard Sherman / Robert Sherman) Chairman Powell did it again.

Currencies

less Jerome Powell, the US Federal Reserve chairman, was markedly dovish in his Jackson Hole speech and the dollar index (DXY) responded accordingly by dropping 0.34% to 92.75.

Metals

After that is a measure of silver miners’ relative purity, their percentage of quarterly sales actually derived from silver. That blasted the silver stocks per SIL down 28.1% in recent months, as they leverage material silver moves. The silver miners’ stocks have been pounded lower this summer, collateral damage from gold’s selloff on distant-future-Fed-rate-hikes fears. These major silver miners’ stock symbols aren’t all US listings and are preceded by their rankings changes within SIL over the past year.
That combined to make last quarter one of the strongest and most profitable ever for the silver miners, despite their battered stock prices. Next comes these miners’ Q2’21 silver and gold production in ounces, along with their year-over-year changes from the comparable Q2’20. Since there aren’t many major silver miners, their relative rankings within SIL usually only see minor shuffling. Most major silver miners have diversified into gold with its superior economics.
Most silver miners also produce gold or base metals. So traders looking for leveraged silver exposure via its miners’ stocks should stick to the purer producers. Primary silver miners that derive over half their revenues from producing the white metal are increasingly rare. The silver miners should have reported fantastic results last quarter, and they truly did. So naturally, the silver miners are really out of favor now, plagued with serious fear and apathy. Silver is slaved to gold’s fortunes, usually acting like a sentiment gauge for its dominant metal.
The SIL Global X Silver Miners ETF remains the leader and this tiny sector’s best benchmark. Then the costs of wresting that silver from the bowels of the earth are shown in per-ounce terms, both cash costs and all-in sustaining costs. So gold’s sharp plunge in the wake of the FOMC spilled into silver, which amplified it. The silver stocks were enjoying a nice young upleg from late March to early June, with SIL rallying 27.5%.
Generally, the more silver-centric a miner, the more responsive its stock price is to changing silver prices. That selling and the resulting bearish psychology has festered since, hammering silver 18.5% lower between mid-May to late August.

United States

Michael Kramer Follow This article was written exclusively for Investing.comStocks have pushed higher and higher, even with the prospects of the Fed tapering its asset purchases of bonds. This article was written exclusively for Investing.comStocks have pushed higher and higher, even with the prospects of the Fed tapering its asset purchases of bonds. The Fed chair also added that inflation was near the central bank’s 2% target rate. “The benchmark S&P 500® Index also rose about 60 basis points in the hour following the Fed chair’s remarks, which is a pretty good move,” he added.
Neither QE tapering nor rate hikes were even hinted at in the FOMC statement or the Fed chair’s press conference. The Fed didn’t start slowing its massive $120b per month of quantitative-easing money printing, nor did it start hiking rates from their zero-lower-bound. But he did warn to dismiss the accompanying dot plot, where individual Fed officials’ future rate projections are collated.
Cloud services security provider Qualys (Nasdaq: QLYS) recently announced its quarterly results that surpassed market expectations.
The Fed normally meets in Jackson Hole, Wyoming every year to go over policy. Meanwhile, the U.S. consumer sentiment reading of 70.3 for August was below Wall Street’s expectations of 71, and a decline from July’s reading of 81.2. is soaring to record highs today, and one of the best performing stocks on the Nasdaq. Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more.
He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.

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