Daily Close | Forex, Metals, Oil, Agriculture May 18, 2021



The weather in Florida is good with a few showers or dry weather to promote good tree health and fruit formation. Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. USDA said that Cotton was 38% planted, from 25% last week, 42% last year, and 40% average. It said U.S. farmers 80% of their intended corn acres were planted as of Sunday, up from 67% a week ago and the five-year average of 68%.
Private exporters reported a sale of 1.7 million tons of corn to China for delivery in the 2020/21 marketing year. Image Source: Unsplash On the Corn Front prices jumped after the USDA said planting was behind market expectations. Stress to trees could return if the dry weather continues as is in the forecast. It was the fourth corn sale of more than 1 million tons to China this month. In the overnight electronic session, the July corn is currently trading at 664 ¾ which is 12 ¼ cents higher.


Invalidating technical support provided by the 89.70-price level, however, would likely open the door for US Dollar bears to target the 06 January swing low. Perhaps waning fears of inflation and Fed taper risk explain these moves as I previously noted how US Dollar outlook hinges on Treasury yield volatility (and lack thereof). Also, there appears to be two glaring technical support levels that US Dollar bulls might look to defend. Seeing that EUR/USD price action is the largest component of the DXY Index, this has largely helped strongarm the broader US Dollar lower.
The bottom Bollinger Band might help stem US Dollar selling pressure as well. The latest extension of US Dollar weakness leaves the DXY Index on pace for its fourth-consecutive decline and trading in negative territory year-to-date.


Dow Jones Iron & Steel Recent metrics show that in 2020 global crude steel production exceeded 1.86 billion metric tonnes. When iron is combined with carbon, recycled steel and small amounts of other elements it becomes steel.” Steel is not a metal, but rather is an alloy of iron. According to the World Steel Association: “Steel is the world’s most important engineering and construction material. Most of the iron ore extracted worldwide is used to make steel.
Therefore, today, we will discuss an exchange-traded fund (ETF) that could be appropriate for investors who want to invest in steel. The fund provides access to companies operating in aluminum, coal, copper, precious metals and steel. The fund started trading in October 2006, and has $265.8 million in net assets.SLX Weekly SLX, which has 25 holdings, tracks the returns of the NYSE ARCA Steel Index. less Investing.com Follow Along with most commodities, steel stocks have been hot in recent months.
Over the past year, the Dow Jones Iron & Steel index has returned 150%. They are followed by several of the leading players in the global steel industry, such as , , , (NYSE:SID) and . However, steel bulls could regard such a decline as a good opportunity to buy SLX. Along with most commodities, steel stocks have been hot in recent months. Different steel futures are traded on different exchanges worldwide. Due to its properties, steel is widely used in engineering and construction.
It is used in every aspect of our lives… Iron is made by removing oxygen and other impurities from iron ore. India, Japan, South Korea and the US follow China, which is also the largest consumer of steel. $65.04 $23.49 – $68.22 1.29% 0.56% The (NYSE:SLX) provides exposure to companies in the steel sector. Analysts expect Chinese steel demand to stay robust. For instance, the US Midwest Domestic Hot-Rolled Coil Steel futures are offered on the CME. Therefore, potential investors would need to keep an eye on iron ore prices as well.


After EIA’s report for last week’s mild build of 378,000 barrels, we expect total gasoline stocks to fall by 900,000 barrels for the week of May 14th. For more details visit the page US Gasoline Analysis or copy and paste link in EIKON search box: amers1.apps.cp.extranet.thomsonreuters.biz/cms/?navid=942731478 Your comments are always welcome. Daily Market Update identifies accurate price targets and turning points for indices, forex, cryptocurrencies, commodities, oil, gas, and stocks.
We will see a mad dash for crude oil and gasoline prices. On the Crude Oil Front shortages of gasoline are still stifling the East Coast.
In the overnight electronic session, the June crude oil is currently trading at 6635 which is 8 tics higher.

United States

Some leading analysts on Wall Street continue to remain bullish on Disney after the past week’s earnings report. The Census Bureau’s mid-month population estimates show substantial growth in the US population since 1959. Similarly, infrastructure rebuilding in the US under President Joseph Biden should add to global demand. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. The US economy is better and is starting to reopen.
(NYSE: EXPR) and (Nasdaq: TYME) skyrocketed in January and February after gaining the attention of the WallStreetBets community.