Daily Close | Forex, Metals, Oil, Agriculture May 04, 2021



This year s soy harvest was slower than it has been historically (late planting), pushing the soy export window into sugar season. The S&P GSCI Biofuel rose 19.8%, as the underlying corn, wheat, soybean oil, and sugar displayed impressive double-digit percentage gains. Meanwhile, crops like corn, wheat and sugar have surged as dryness hurts plants in Brazil, the U.S. and Europe, while China gobbles up supplies. This has led to port congestion, which will likely grow worse as the 2nd corn harvest kicks-off.


Last year, France’s Engie backed out of its multibillion-dollar LNG contract negotiation with Houston-based NextDecade Corp. , reportedly citing concerns about the environmental impacts of fracking.


Around $1680, Indians bought record tonnage, China was supportive, most gold analysts and investors in the West were despondent, and gold surged $100 an ounce higher! I’ve urged investors to buy gold miners in the gold price zone of $1680-$1671 and sell in the $1780-$1850 area. Gold bugs should hold the amount of fiat needed to quench their thirst for more and then focus on acquiring additional gold (and some silver). Amateur gold investors often struggle to do well with the miners, and it’s mainly because they ignore the physical market action in China and India.
The one Western item that can really move the global gold price is: inflation. Well, investors need to ignore the $100-$200/oz gyrations and focus on the fact that gold is the ultimate currency. The resilience of iron ore prices has also been compounded by tight supply over the past three months, as Brazil and Australia experienced seasonal production reductions. I recommend using business deals (private and publicly traded) to get more gold.
less Another key “green shoot” for gold is almost in play. Ford Motor Co. expects a $2.5 billion impact from commodity costs in the last three quarters of the year, coming from steel, aluminum and precious metals. “It feels very funny because I’ve spent my career talking about why would you want to own gold? So, as expected: Gold is now struggling to rise over $1800. The S&P GSCI Iron Ore rose 18.7% this month, more than tripling its performance from a year ago.
“When you have a reopening like this, when you have a bid for copper and lumber and energy, you’re going to get some extraordinary numbers.


The different crude oil grades and heating oil performed well, but the S&P GSCI Natural Gas came to life this month, up 9.41%, due to demand. “Right now, oil and gas is not priced to reflect the risk of what’s going on, whether it be in the EV world, a climate changed world,” he said. Higher oil prices tend to make American LNG more competitive because it is sold under Henry Hub-indexed prices rather than oil-indexed pricing used elsewhere. In its latest meeting, OPEC+ agreed to stick to the plan of easing oil output cuts from May to July due to the upbeat demand picture.
According to the International Energy Agency (IEA), the greenhouse gas emissions from natural gas are 45%-55% lower than those of coal to generate electricity. The volatility in crude oil and gasoline prices has been clearly reflected in recent years in both the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE). Crude is expected to see the biggest-ever increase in demand over the next six months as the vaccination rollout boosts mobility, according to Goldman.
Natural gas is considered one of the lower-cost, lower-carbon-emitting vessels to help ferry the world to a net-zero future. Cheniere Energy, LNG 1.12% the largest exporter of U.S. liquefied natural gas, had a great first quarter and can look forward to many more. At time of writing, the futures market shaped-up with NYMEX WTI at $65.74/bbl and ULSD at $2.00/gallon, while the USGC ULSD front month swap differential stood at $(4.88) cpg.
Last week imports were light, with only one vessel arriving from the US and one from India.
Things are looking up for U.S. LNG exporters that got their foot in the door early and bleak for pretty much everyone else. At the same time, some countries have become ambivalent toward LNG contracts because of climate concerns. Some major LNG suppliers, including Qatar, are expected to bring on massive capacity by 2026.

United States

Yellen, herself a former Fed chair, was more likely referring to market interest rates than central bank policy rates, Fed watchers said. “That’s consistent with what markets would say.” Gapen said he didn’t think the comments represented a preference for how the Fed should be managing the impact of government spending. There is already a buzz among many investors in psychedelic drug stocks that will be the next Canadian-listed company to seek to uplist to the NASDAQ.
“Even so, Rieder suggested there still could be a need for the Fed to adjust its policy approach, particularly around asset purchases. In March, the US Congress approved a $1.9 trillion covid relief package – above the BOE’s estimates of $1 trillion – that boosted the economy. She said the Fed has tools but twice went on to say “we” as if she was still on the Fed. Compare that with the US, that saw available capacity increase by 234,172 bpd vs. last week’s average, putting overall US CDU availability at 95% of installed capacity.
Last year, Vornado tried selling 555 California and Manhattan’s 1290 Avenue of the Americas, which it also owns with Trump. less Image: Bigstock Investors have shown immense positivity over the past three months as Wall Street’s decent performance highlights an economic rebound from the COVID-19 slumps. As all investors in psychedelic drug stocks already know, Canada-based (US: MNMD / CAN: MMED) to the NASDAQ. 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.
Administration and Fed officials both have consistently dismissed concerns over accelerating inflation. , meanwhile, is one of the worst performers on the Nasdaq today, off 40.6% to trade at $28.75, earlier hitting a more than one-year bottom of $24.60. What will be the next psychedelic stock to be listed on the NASDAQ after that? At time of writing, US NYMEX ULSD was trading at $1.987/gallon, while the USGC ULSD front month swap differential stood at $(4.83) cpg.
Any hint that a less-easy Fed is on the immediate horizon would have major implications for markets. 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. is preparing to become the 3rd NASDAQ-listed psychedelic stock, having announced its plans to for its IPO.
Today, Yellen continued her dual role as a Fed President and Treasury Secretary. But gaining a premier exchange listing (such as the NASDAQ) means even more than that.