Daily Close | Forex, Metals, Oil, Agriculture July 20, 2021

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Agriculture

Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. The outlook for a weaker than expected economy and the potential for lockdowns or restricted movement hurt Cotton as it depends on people buying clothes and spending money. World prices are expected to bottom soon and start to move higher, supporting Wheat futures markets in the US. White Winter Wheat production is also being hurt as both have been impacted by drought and heat this year.
Yield reports have generally been good in Winter Wheat areas but there have been mixed results reported in some Great Plains states. Kazakhstan has moved to limit Wheat exports for this year.

Currencies

The currency market is backing this view up, with the US Dollar still making gains across the board.

Metals

That bull flag took about eight months to build and came fresh on the heels of last summer’s run, when Gold prices set a fresh all-time-high. As a result, the continuous futures contract of copper on the Multi Commodity Exchange (MCX) has been on a downswing since mid-May after peaking at ₹812. I suggested gold bugs with stock market exposure do the same thing. Gold futures rose after two-straight days of losses. Prices in Gold caught resistance at the 50% retracement of the June sell-off on Thursday, July 15th.
Hence, traders can be bearish and short the copper futures with stop-loss at ₹736. August-dated gold added $2.20, or 0.1%, to settle at $1,811.40 an ounce.

Oil

Crude Oil and the stock market were sharply lower as well. The new front-month contract, September-dated crude, gained 85 cents, or 1.2%, to settle at $67.20. August-dated crude added $1, or 1.5%, to end at $67.42 a barrel.

United States

The speed at which it has spread has scared traders and investors and caused a big selloff in the stock index futures in the US. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. The Dow closed 550 points higher today, rebounding from its worst day since October of 2020, while the S&P 500 and Nasdaq bounced back as well. The US government and the Fed have become a ghoulish debt and money printing tag team.
less (Nasdaq: NVDA) began trading on a 4-1 split-adjusted basis Tuesday morning and opened the trading session at $187.21. 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 explosion in the US money supply means that there will be sustained inflation.” He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
WSJ explains how Coinbase is trying to distance itself from the risks of bitcoin to succeed on Wall Street. Fed Chairman Powell insists that current price surges are “transitory”. While European markets went up, both the Nikkei in Japan and the Hang Seng in Hong Kong copied Wall Street and fell. Source: BLS via FRED, Cleveland Fed, author’s calculations. You will be charged $ + tax (if applicable) for The Wall Street Journal.
Unheard of in the days when all Wall Street could say was “Buy”.

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