Daily Close | Forex, Metals, Oil, Agriculture December 11, 2020



Source: Goodfon The Teucrium Corn ETF (CORN) provides investors unleveraged direct exposure to corn without the need for a futures account. It should also be remembered that the soybean market predominantly affects the corn market. One sure way to keep domestic food prices down is to keep Wheat prices down so the market expects an export tax or export quotas on Wheat soon. This relationship makes it possible to judge the fundamental state of the corn market.
Therefore, the decision to invest in this fund should be made after analyzing the corn market. Therefore, in the long run, there is the relationship between the values of the stock-to-use ratio and the average price of the corn futures. Source: TradingView The current corn futures price is well above its five-year range. bushels and lowering soybean carryout to 175 and wheat carryout to 862.USDA left China soybean imports to 100 mmt. In the overnight electronic session, the march corn is currently trading at 420 which is 1 ¼ of a cent.
less General Comments: Wheat markets were higher on news reports that Russia was preparing to take steps to curb food inflation. In actual fact, we submit that this particular hurdle will separate the wheat from the chaff in the small-cap royalty niche. Reports indicate that some Cotton could have been damaged in Georgia and the Carolinas and into eastern Virginia due to the excessive winds and rains caused by the hurricanes. less General Comments: Cotton closed higher and trends are up.


A weak dollar has been supporting oil price as it makes the dollar-denominated commodity less expensive for foreign buyers.


It looks at gold price levels relative to their own trailing 200-day moving average, using a multiple simply calculated by dividing gold’s daily close by its 200dma. This secular gold bull was stealthily born back in mid-December 2015 when gold sunk to a deep 6.1-year low. Gold miners’ earnings and thus stock prices are overwhelmingly driven by gold’s fortunes. Recent changes in sentiment warn that the current Gold price trend may soon reverse higher despite the fact traders remain net-long.
Gold’s necessary and healthy correction after its last upleg shot parabolic looked to finally reach maturity as November ended, both in size and duration. Gold’s price behavior in recent weeks was very consistent with the latter, a major correction bottoming preceding its next upleg. That rGold indicator hadn’t seen such crazy extremes since September 2011, only a couple of weeks after gold’s last secular bull peaked. In different terms, Bitcoin (and gold and dollars) gain value from network effects: the more people willing to hold them, the more valuable they are.
It is becoming digital gold, an asset people are willing to hold to protect against inflation or just for diversification. This sounds like “greater fool” theory… but it’s the same reason people value gold or US dollars. As gold shot parabolic in the terminal weeks of that upleg, it soared to extraordinarily-overbought levels of 1.260x its 200dma! All that selling hammered gold’s price back to oversold levels.
The gold miners’ stocks are finally perking up again, after spending months slogging through a grinding correction. Gold’s latest upleg that peaked in early August at an all-time-record high proved a monster. Personally, I think Bitcoin has rounded the corner of mainstream acceptability and is on its way to complement gold as an asset. So sellers soon gained the upper hand and forced gold lower, rapidly at first. This doesn’t guarantee gold’s correction is over but reveals high odds for that eventually proving to be the case.
Gold’s technicals are superimposed over my favorite indicator of overboughtness and oversoldness, a tool called Relativity Trading.
Gold has found some support this week from the 20-day simple moving average with the $1,820/oz. My objection to Bitcoin was Buffett’s objection to gold: it’s not a productive asset.


Though the cartel will curb about 7.2 million barrels per day next month, it is lower than the current 7.7 million barrel per day cuts. This signals that the oil market is tightening and demand is robust, paving the way for an oil rally. On the Crude Oil front, oil jumps on talk of progress in stimulus. Crude oil prices (CO1:COM) rebounded, topping $50 per barrel for the first time since March. less Image: Bigstock After registering the best month ever, the energy sector continued its bullish trend as oil price rose on vaccine optimism.
In fact, Brent oil surged to above $50 per barrel for the first time since early March. In the overnight electronic session, the crude oil looks like it’s perched waiting to get a good headline and shoot for $50 a barrel-like Brent achieved in yesterday’s action. Additionally, reports showing Chinese demand exceeding pre-COVID levels and an uptick in Chinese refinery runs also led to a spike in oil price. That could be an amazing deal for the companies that purchased the leases, even after paying rent plus royalties on any oil produced.
It gets the upside from LNG (fastest growing energy source after Renewables) and at the same time (hopefully) a premium valuation, more in line with clean energy companies. The IEA said in November 2020 that oil demand would not recover until well into 2021. This is because the oil market is currently in a state of backwardation, where later-dated contracts are cheaper than near-term contracts, for months.
The January crude oil is currently trading at 4672 which is 6 points lower. Oil operators are still cutting exploration capex to be able to pay for an overblown dividend. Hopefully, the oil sector restarts a slow recovery expected in H2 2020. Further, the OPEC and its allies reached a fresh deal to curb oil output in January. In the end it came down to just 4,133 acres in Kern County, where there are existing oil fields. Should this process fail, we would likely remain in a warm-dominated state, posing risks to the downside in the land of natural gas prices.
Bespoke Weather Services – The premier blended weather and natural gas analytics service custom-designed for gas investors, traders, and brokers. Despite solid progress on its LNG projects, New Fortress has been bundled into the ‘clean energy’ stocks.

United States

Global traders and investors jumped into the US stock market just days before the US elections expecting something big to take place. The U.S markets started the fund flows week on a whimper as investors pushed the S&P 500 down on vaccine distribution doubts. “Fed policy depends on the economy and the economy depends on the course of the virus. Given the setup on the stock discussed in the open, I think Wall Street expects a strong report next week.
Alpha TALKS Wall Street Breakfast is a weekly video covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors.
less Big-name IPOs (NYSE: DASH) and (Nasdaq: ABNB) got off to volatile starts on the market this week. It is reported in the Wall Street Journal that individual investors placed orders for more than 420 times the stock offered them. Here are the top 10 holdings of QQQJ – numbers 101 to 110 on the Nasdaq in terms of market capitalization: Source: Fidelity.com Not exactly a bunch of also-rans! Other low valuation multiple sectors, including energy and industrials, are much more significantly represented compared to the S&P 500 (SPY), let alone the Nasdaq (QQQ).
Following Biden’s election, Democrats became much more optimistic, and Republicans much more pessimistic, the opposite of the partisan shift that occurred when Trump was elected. UK inoculation with the Pfizer vaccine now approved for use in the US revealed that people with allergies are at risk of having dangerous reactions to the jab. ProShares UltraPro QQQ, or TQQQ, seeks to deliver three times the daily return of the Nasdaq-100 index.
Source: Fidelity.com I think the Nasdaq Next Gen 100 deserves a place in our portfolio. With the certainty that only hindsight can deliver, the Nasdaq 100 has been the place to be during this recovery from the worst fears in late March. The US has since ordered 950,000 doses for $1.19 bn and Canada 26,000 doses for $32.5 mn. QQQJ focuses on 100 biggest Nasdaq companies that are not included in QQQ currently but have the potential to be promoted in future. Shares of Airbnb (NASDAQ:ABNB) doubled on their first day of trading.
Square (NYSE:SQ) and PayPal (NASDAQ:PYPL) have decided to support Bitcoin trading. In the Nasdaq Next Gen 100 it’s nearly three times that. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.


But the possibility of a no-deal Brexit combined with disappointing unemployment claims numbers and the continued lack of new stimulus from Washington have stocks lower for the week. The UK and the EU are unlikely to reach a deal by the Sunday deadline, so Britain will do a no-deal exit from the European Community. Its ViiV sub, with partners Pfizer and Shionogi, won EU OK for Rukabra (fostemsavir) to treat multi-drug resistant HIV.