Daily Close | Forex, Metals, Oil, Agriculture March 15, 2021

less General Comments: Wheat markets were lower and were led lower by the HRW market. Ideas are that rain that is falling in the Great Plains will help injured Winter Wheat.

U.S. equities erased earlier losses, while the dollar faded from a session high, helping support oil prices.Crude wasn’t able to shake off declines entirely as key calendar spreads weakened. The US dollar also strengthened today which usually results in an adverse effect for commodities denoted in dollars such as oil.

I sometimes hear market participants say “If the 10-year goes to 2%, how low will gold go, or how about the stock market?” He came into the job with inflation-fighting credentials and was known to have previously advocated for the gold standard prior to assuming his role at the Fed. With the notable exception of gold, a so-called inflation hedge, all commodities are rising, some by more than a little.

Flagging demand for U.S. exports is hitting the market at the same time as domestic oil output has outpaced the recovery in refineries after last month’s deep freeze. Nigeria’s finances were knocked by last year’s drop in the price of oil, which account for 90% of foreign-exchange earnings and about half of government income. OPEC nation has Africa’s biggest crude reserves Source: U.S. Energy Information Administration Output has surged from barely anything after warring sides reached a truce in mid-2020 and halted fighting.
However, crude futures slipped for most of the day, dragged down by inflation fears and exacerbated by the massive US stimulus package which was passed this month. It’s managed to retain control of oil exports, despite fighters attempting to take over fields, pipelines and ports in their territories. LEARN MORE Share Tweet Post Email Share Tweet Post Email Oil pared its drop alongside a broader market rebound from session lows.
“Oil is strongly influenced by risk sentiment today,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. Read more: Libya to Lean on Foreign Oil Firms to Fix Rotting InfrastructureA stable government should at least enable the cash-strapped NOC to address its most urgent needs. less Shares of Chevron Corporation (CVX) are falling more than 2% today as oil pulls back. The March East-West 380 fuel oil differential gained $4.00 to $15.75/mt, while the April contract gained $1.00 to $14.25/mt.
The UAE keeps breaking with OPEC, most recently on letting customers resell its oil. Still, a weakening in crude spreads kept prices from turning positive. West Texas Intermediate crude’s nearest timespread deepened into a bearish contango structure, signaling oversupply. Libya’s former representative to OPEC, Mohamed Aoun, will head the portfolio.

The April 21 ULSD CIF Med cargoes differential was down $0.25 from the previous close at $3.50/mt, while the May 21 differential was down $0.25 at $4.00/mt. The April 21 ULSD CIF NWE cargoes differential was down $0.50 from the previous close at $2.00/mt, while the May 21 differential was down $0.25 at $3.00/mt. Mr. Martin was indeed primarily a hard money central banker, who institutionalized much of the Fed’s decision-making and zealously guarded its independence.
Cutting to the chase, Wall Street analysts have been busy upping their estimates for earnings in the coming quarters. Fed chief Powell said as much, citing rising commodity prices. Caroline Crenshaw and Daniel Taylor Reform payday lending by having the Fed give emergency loans to people (with YellenCoin?). If we move away from the Nasdaq for a minute, we see that the SPX is back up near all-time highs (“ATHs”) once again. His father helped write the Federal Reserve Act in 1913 before serving as a Fed governor and the head of the St. Louis Federal Reserve Bank.
But for now, at least, it is probably best to avoid fighting the Fed. If anyone was ever born to head the Fed, it was the younger Mr. Martin. If any Fed Chair seems to epitomize a bygone era, it was Bill Martin. 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 Nasdaq Composite edged higher.

While Brexit-related uncertainties remain high, the conclusion of an initial deal was enough to drive the pair back above the 140.00 level for the first time since early September. Top buyer Egypt favored European Union and Ukraine grain in its latest tenders, including rare Romanian cargoes from trader Grain Export, owned by a state-backed Russian company. The Brexit agreement reached between the EU and the UK in late December triggered volatility in the pair but has since provided a tailwind to the Pound.