Daily Close | Forex, Metals, Oil, Agriculture July 29, 2021

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Agriculture

Funds continue to short this market as they expect record yields in corn in the east will offset the dryness of the rest of the Corn Belt yields. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. less General Comments: Winter Wheat markets were higher yesterday as HRS closed much higher with the winter market in tow. World prices might have bottomed and should start to move higher, supporting Wheat futures markets in the US.
In the overnight electronic session, the December corn is currently trading at 550 ¾ which is 1 ¾ cent higher. US White Winter Wheat production is also being hurt by hot and dry weather. Brazil is focused on corn-based ethanol versus the norm of sugar-based ethanol as this is another sign of bullishness to come. The next report for corn for ethanol use is Thursday, August 12th.

Metals

Gold futures surged today, amid the slew of dismal economic data. Earlier this week we analyzed hard commodities Copper and Silver, as they are inputs and indicators for industrial inflation. It’s not a usual thing on the market, so we have to ask: what does it mean for gold? Arkadiusz is the author of the monthly Market Overview reports and Gold Monitor News at Sunshine Profits. August-dated gold climbed 1.8% to settle at $1,831.20 per ounce.

Oil

OPEC and OPEC+ are currently showing unity heading into the next meeting next month. On the Crude Oil front, the inventories or lack thereof numbers were close which is a sign they are on the same page. In the overnight electronic session, the September crude oil is currently trading at 7279 which is 40 points higher. September-dated crude rose $1.23, or 1.7%, to settle at $73.62 a barrel, extending its two-week highs. Oil prices rose for the second straight day.
We must be cautious but OPEC and OPEC+ realize we have seen this dance before.

United States

When Amazon.com (NASDAQ:AMZN) reports its second quarter earnings later today, investors will focus on sales, which could show some slowdown after hitting a blistering pace during the pandemic. The company’s stock, listed on Nasdaq under the symbol HOOD, opened at $38 Thursday afternoon, in line with its initial offering price, and quickly fell more than 10%. Several Wall Street analysts have recently raised their price targets on Amazon, citing a favorable environment for its business units.
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 Dow and S&P 500 pulled back slightly from , while the Nasdaq ended the day firmly in the black. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. (Q2) and Continuing Jobless Claims (17/Jul) at 7:30 A.M., pending Home Sales MoM & YoY (Jun) at 9:00 A.M., NY Fed Treasury Purchases 22.5 to 30 yrs.
Over this time frame, the US population has grown by 16.7%. You will be charged $ + tax (if applicable) for The Wall Street Journal.

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