Daily Close | Forex, Metals, Oil, Agriculture November 19, 2020



On the Corn Front, the market traded higher yesterday on whispers of new U.S. corn sales to unknown destinations and some traders believe that unknown maybe China. The vaccine talk has some analysts raising next year corn demand for ethanol use as hopes are raised, we will get back to normal next year. image source General Comments: Winter Wheat markets were a little higher and mostly rode higher on the strength in Corn and Soybeans. Funds joined the party and added 7,000 new positions of corn with an estimated net-long position of 261,000 contracts.
Also, Russia and the Ukraine domestic corn is at new highs. In the overnight electronic session, the December corn is currently trading at 420 ¾ which is 5 cents lower. The market in Russia has remained high on limited supply as farmer hold the Wheat back due to the drought. Overnight News: The southern Great Plains should get dry weather.


Revenue growth of more than 14% shattered expectations for a flat top line, while an adjusted profit of more than a dollar was well above expectations for a dime. The street was only looking for a profit of a dime per share in this year’s Q3, so L Brands beat by more than a dollar. The dollar was dumped at the same time… Is the market seriously this utterly desperate for some stimulus, any stimulus?


Likewise, gold miners are taking a beating on the back of sliding gold prices. He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market. On that day, the price of gold plummeted and the markets crashed in the wake of a conspiracy between two investors, Jay Gould and James Fisk. However, intermediate and longer term gold’s price tends to be more correlated with the expanding monetary base.
He writes a bi-weekly in-depth analysis for one of Germany´s largest gold and silver retailer the “pro aurum group”. As well he is publishing his bi-weekly comprehensive for his numerous international readers focusing on Gold, Silver, Mining, commodities and cryptocurrencies. Stocks were up and gold sold off, but not to the extent that we saw with the Pfizer announcement last week. Source: Think or Swim, Ameritrade If gold breaks below $1,850 support here, it will likely drop to the $1,800 support level next.
Meanwhile, stocks are in the doldrums and the only winners are utilities, gold, and miners. They were buying gold because of the monetary and fiscal policy that was a response to COVID. Møller – Mærsk A/S (AMKBY), Includes: AMKAF, AMKBFby: Tim WorstallTim Worstall Tech, Banks, gold & precious metals, natural resourcesContinental TelegraphSummaryA.P. Royal Gold (RGLD) stock is now trading below its important 50 and 200-day moving averages. People weren’t buying gold because of COVID.
Other regions ex-China are expected to partially recover with steel demand growing 9.4% in 2021 led by a more aggressive recovery in India. From a demand standpoint, the World Steel Association (WSA) forecasts stability in steel production in China as economic activity normalizes. His unique has an outstanding track record and helps investors all over the world to make better decisions in the gold-market. Steel demand is set to grow with China and India leading the recovery. Recovery in Brazilian iron ore exports.


WTI crude oil prices trading above $40 per barrel can also support positive sentiment towards the broader energy sector. Thus, Falcon realized $4 above WTI for its oil in Q2 2019, but it may realize slightly below WTI for its oil in 2021. The global supply and demand balance of oil and gas are also important monitoring points with implications for the energy infrastructure and transportation industry. Falcon has oil and gas hedges for Q1 2021, but those hedges have essentially neutral combined value at current strip prices.
At strip prices (close to $43 WTI oil and $2.85 NYMEX gas), Falcon is projected to end up with $53 million in total revenue in 2021. Crude oil fluctuations of $10/barrel mean just $20 million in price movement, the same as natural gas movements of $1/MMBtu. We think if you are bullish on oil prices and energy stocks, in general, going forward, this is a must-own. Husky’s production is not all heavy oil, and because its refining capacity is HIGHER than its production base, Husky has to buy from other producers.
We also see crude oil inventories on the rise, coming in much higher than expected.
The strategy failed with the collapse in oil and gas prices. Oil demand is, in fact, starting to climb again but Exxon Mobil’s production levels haven’t shown much movement on an annualized basis. Falcon looks to have decent upside if oil prices end up averaging at least in the low-to-mid $40s for 2021 and subsequent years. Falcon’s value is dependent on commodity prices, but valuing it based on low-to-mid $40s WTI oil appears reasonable to me. Still, if the oil markets don’t recover in the next few years, the company’s in a difficult position.
The market saw CVE as just a more leveraged oil producer rather than an integrated giant. Ultimately, CEO Darren Woods’ recent comments seem to suggest that management expects improvements for the broader conditions that are present in oil markets. This lowered its margin and unlike Suncor which can upgrade all of its heavy oil before it goes into the refinery, Husky couldn’t. Falcon typically receives a modest discount to LLS for its oil, and LLS typically trades at a premium to WTI.
This is its largest cash expense though, so its margins are still good at low-to-mid $40s WTI oil. Husky’s cost structure, because of the expansion, made its opex/boe averaging ~C$15 per barrel versus CVE’s C$9 per barrel.

United States

The company would later become Rexall Sundown and would become a NASDAQ standout and Fortune 100 company as a result of Carl’s leadership and team-building skills. But would this super-hawk be able to actually change the Fed’s policy in terms of interest rate targets or asset purchases? In terms of aerospace exports, in 2019, the US held the highest spot with $136 billion, followed by France ($53.5 billion), and Germany ($42.3 billion). For example, in March, when the Fed slashed its target interest rate to 0.25 percent, there was only one dissenting vote out of ten voting members.
In September, Trump said at a White House press conference that the questions his Democratic challenger received were “meant for a child.” “You didn’t ask questions like that. In this market environment, Genco Shipping & Trading (GNK) is among my top picks in the US-listed dry bulk universe on the back of the following reasons: 1. Together, the five biggest tech companies by value—Apple, Amazon, Alphabet, Facebook and Microsoft (NASDAQ:MSFT)— posted sales 18% higher in the latest quarter than a year earlier.
Although Kotlikoff, for instance, rather unconvincingly claims he values a “diversity of viewpoints” on the Fed board, this “diversity” must fit into a very narrow window of acceptable opinion. When it comes to setting macroeconomic policy, the Fed primarily relies on the Federal Open Market Committee (FOMC). According to metrics from Global Firepower, the US currently leads the list of nations in defense spending with an approximate annual budget of $750 billion.
Before we can answer this question, we must first take a what the Fed and its backers consider to be “orthodox” policy.
The ETF comes with a well-distributed portfolio of stocks at a much lower valuation than the U.S market. Under the Trump administration, there’s been a tremendous effort, via the creation of Space Force, to maintain, protect, and expand US dominance in outer space. (Chip Somodevilla/Getty Images-File) Almost all the questions focused on Trump and the Republican Party’s refusal to acknowledge the legitimacy of the election results.
The Fed, after all, likes to function on a “consensus” model so it can give the impression that there is wide agreement in favor of its policies. Those questions were meant for a child,” Trump told reporters. But it is clear that the Fed’s backers don’t want to even risk it. In a 2014 study for the St Louis Fed, researchers Daniel L. Thornton and David C. Wheelock found that dissents from the Chairman’s position are not exactly common.
The Nasdaq composite appears to be in a similar spot as well. The portfolio is well-balanced with the top 10 holdings at ~14.6% and the largest being Apple (NASDAQ:AAPL) at just a hair over 3%.


In response to China’s scathing attack on Australian sovereignty, the Morrison government rejected Beijing’s characterisation and called for the Chinese government to answer its phone calls. The dossier was delivered shortly before China’s Foreign Ministry spokesman Zhao Lijian laid the blame on Australia for the state of the relationship at a press conference in Beijing. Curiously, the monetary globalists quickly urged Australia not to antagonize Beijing too much: Reserve Bank governor Philip Lowe on Wednesday urged Australia to maintain a strong relationship with China.