Daily Close | Forex, Metals, Oil, Agriculture February 05, 2021

Last week’s 292 million bu of total sales even overtook the highest roll-over corn sales level ever in September 2009 of 191 million bu. However, current high prices may double corn’s imports to 50 million bu resulting in an adjusted US ending stocks of 1.327 billion bu. In the overnight electronic session, the March corn is currently trading at 549 ¾ which is a ¼ of a cent lower. Higher corn prices and tighter profit margins are also limiting production.
The next USDA estimate for corn used for ethanol will be on Tuesday’s report. With the focus on Russia’s export duties, the US weekly average wheat shipments are the highest since 2012/13.

Higher yields are attracting buyers of long-term US government bonds, creating a pull in the dollar. We can say that over the past few months, gold has acted more as the anti-dollar than as an inflation hedge. Sometimes it’s an inflation hedge, and sometimes it’s the “anti-dollar”. With the EUR/USD at these levels, the EUR/GBP and other euro crosses could find support.

The leading authority on silver fundamentals is the Silver Institute, which publishes fantastic annual reports on global silver supply and demand called World Silver Surveys. It is the leading and dominant silver exchange-traded fund, holding physical silver bullion in trust on behalf of its shareholders. It was not only silver that got attention recently, but also silver stocks. That initial popular WSB post targeting silver mentioned SLV, the iShares Silver Trust.
Having been at the financial markets when the Great Recession arrived, she experienced many bull and bear markets – be it in stocks, bonds, gold and silver. The GDX ETF is mostly based on gold stocks, but still, silver miners’ performance still affects it. Let’s GET THE MINERS.”While that post was later removed by WSB moderators, that seemed to be the spark that ignited massive inflows into silver and its miners’ stocks. We know billion banks are manipulating gold and silver to cover real inflation.
Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. Silver is vastly larger than little meme stocks like GameStop, and thus vastly harder to bully around. So the latest comprehensive WSS data is still 2019’s, where global silver demand ran 991.8m ounces. This in turn is likely to keep domestic steel prices buoyant unless the international prices correct significantly from the current levels. On the one hand, Biden’s tough political position seems to be negative for gold prices, as it lowers the odds of implementing the most radical, leftist political agenda.
less Joe Biden’s election as president and his first economic proposal proved negative for gold prices, but the presidency might yet turn positive. That came right after attempts to organize small traders to engineer a silver short squeeze on Reddit’s famous wallstreetbets forum. After breaking below the head-and-shoulders pattern, gold miners would then be likely to verify this breakdown by moving back up to the neck level of the pattern.
Domestic steel consumption would receive a boost from the GoI’s continued thrust on infrastructure with a 26 per cent higher capital outlay. Classic inflation hedge gold rose after supply chain costs upped the fear of inflation in producer prices. Any short squeeze in silver paper shorts would be EPIC. Incredible torrents of capital deluged into the world’s dominant silver exchange-traded fund.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil – US Crude prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil – US Crude-bullish contrarian trading bias. On the Crude Oil front, the market is rolling along with prices above $55 a barrel. In the overnight electronic session, the March crude oil is currently trading at 5685 which is 62 points higher.
Disillusioned investors punished oil stocks and Shell’s oil profits fell 87% in 2020.

With exports now at 86.6% of the US 2.55 billion bu forecast, a 250 million bu increase in this demand level is expected. While the Fed is slashing the near-term yields to rock-bottom, Treasury yields with a maturity of more than three years are rising rapidly. Traditionally, the Ag Department doesn’t make many changes in their US and World balance sheets this month after they finalized the US crop numbers in January. Insurance provider is one of the top-performing stocks on the Nasdaq today, last seen up 328.7% to trade at $10.25.
The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. Second, his political capital is rather weak, as the 2020 election is more about Trump’s loss than Biden’s victory. In other words, many of his voters supported Biden not because of his merits but only because they opposed Trump. 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.
The US Senate passed the $1.9 trillion stimulus package thanks to Veep Kamala Harris.

I also think the ECB is done with providing additional measures.