Daily Close | Forex, Metals, Oil, Agriculture December 14, 2020



The application of the law created four types of numbers labelled as D6, ethanol based, D5, sugar cane produced products, D4, waste oils diesel-generated products, and D3, cellulosic material-based. The reports showed a significant drop in production of US Cotton and much reduced the US ending stocks levels. ————————————- (Source: National Chicken Council) (Source: USDA and Indexmundi) In 2008, the surge in corn and soybean prices (>40%) destroyed producers’ profitability and led Pilgrim’s Pride into bankruptcy.


Given the relatively weakening dollar this quarter, and potentially going forward, converting international sales to the dollar may be a tailwind for the company this quarter. Even an impact of half a billion dollars thanks to dollar weakness could make a huge difference when it comes to what’s reported in headline results. In the back half of this year, the US dollar has weakened considerably against a number of key currencies. Dollar-based net retention hit a new low of 107% this quarter.
Palantir’s dollar-weighted average length of contracts as of 30 June 2020 was 3.5 years, as disclosed in its IPO prospectus. Consequently, the company has only minor exposure to yen/dollar movements.


Pan American Silver Corp (PAAS) stock is still trading above its 200-day moving average, but this moving average is now minor support. less Pan American Silver Corp (PAAS) is a leading mining company engaged in the production and sale of silver, gold, zinc, lead, and copper. The next major support level for Pan American Silver Corp (PAAS) stock will be around the $25.00 level. On the plus side, Planet Fitness has merely bent while the likes of 24 Hour Fitness, Gold’s Gym, Town Sports and countless independent gyms have broken.


RINs represent payment obligations refiners face for blending renewable oil sources such as ethanol with its crude oil products. The company has $800 million in debt and it’s spending nearly $5/barrel it produces on interest alone. At $56 Brent, if it had no debt, the company would have more than $100 million in annual FCF. However, on the flip side, if markets continue to drop, the company is protected from $36.43-45.14/barrel Brent with minimal premium. The company, at $60 Brent, a normalized 2022+ price, should see ~$100 million in annual FCF.
The concern here is that the company has sold calls at $51.45/barrel, limiting upside as markets have required. RINs were “created in the mid-2000s as a way for the oil industry to reliably comply with the Renewable Fuel Standard (RFS).” Gran Tierra Energy 2021 Guidance – Gran Tierra Energy Investor Presentation Gran Tierra Energy’s 2021 base case is based on Brent prices of ~$49/barrel. Governments around the world continue to move in the direction of phasing out traditional gasoline-powered cars in favor of hybrids and pure electrics.
Each gallon of refined petroleum products such as gasoline or diesel must be covered by a created RIN or blended at a production facility. This includes public works (airports/utilities), industrial (power generation/oil & gas), commercial (office building/hospital).

United States

less The US economy is in the midst of a record-setting recovery or is about to fall back into recession – depending upon who you ask. This includes Autodesk (NASDAQ:ADSK), which can also provide a similar all-in-one solution particularly in the design and project delivery segments. In 2021, the division of wealth in the US dramatically widened compared to a dozen years ago. Amid the initial coronavirus vaccine deployments, the US Treasury yield curve is at its steepest place in weeks.
The Chicago Mercantile Exchange (CME) and ICE are the two dominant trading exchanges in the US. Other notable competitors include Trimble (NASDAQ:TRMB) and AVEVA (OTCPK:AVEVF) which have a slightly weaker feature set compared to Autodesk and Bentley. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. Earnings that previously went to the shareholders will now fall into the coffers of the US government.
Today hackers took down Google and were revealed to have also hit the US Treasury. A stricter regulatory environment for Wall Street-related companies is on the horizon under the incoming administration. The Legg Mason Low Volatility High Dividend ETF (NASDAQ:LVHD) tracks the QS Low Volatility High Dividend Index, which is a quantitative strategy following systematic rules. 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.
Well, AstraZeneca PLC (NASDAQ: AZN) has now jumped into the picture with a proposed $39 billion acquisition of Alexion Pharmaceuticals, Inc. (NASDAQ: ALXN).
Instead, the US Congress can barely pass a budget to keep the lights on for more than a week. They more than doubled to $105.51 in November 2020 during the Trump administration. But that doesn’t necessarily mean that the Fed will act again.


One could credibly claim that there are new possibilities for progress in both the fiscal stimulus and Brexit impasses.