Daily Close | Forex, Metals, Oil, Agriculture October 01, 2020



Its sales depend on shell egg prices, and its variable COGS are correlated with grain prices, specifically corn and soybean. These areas are trying to plant the next Winter Wheat crop but the dry weather and the dry soils are keeping farmers out of the fields. The markets also rallied on overseas prices and prices for Corn and Soybeans in Chicago. The trade is watching the weather and growing conditions around the world as well as the world Wheat price.
USDA said that net weekly Upland Cotton export sales were 233,500 bales this year and 20,6—bales next year. World demand for US Wheat depends mostly on lower prices for US Wheat to compete with Russia, Europe, and other sellers and a weaker US Dollar. Harvest conditions are good right now amid moderate temperatures and dry weather. General Comments: Winter Wheat markets closed higher with HRW and SRW the strongest markets. It also covers the commodities market daily focusing on in-depth technical developments in GOLD, CRUDE OIL, SILVER, CORN & WHEAT.
However, there were differences in the mix, with less Winter Wheat production and more Spring Wheat production. General Comments: Cotton closed higher in range trading.


So how did the dollar do as global reserve currency during the turmoil in the second quarter? Indeed, given that the Swiss franc has been rising significantly against the euro and dollar – there could be significant short-term downside if risk sentiment suddenly changes. To me, right now, the most important trend, a macro trend, is where the dollar’s headed. So, to me, the dollar trend is important, and I do believe it has started a new trend to the down.
A weakening dollar can really support global growth outside the U.S. There has been speculation that this status is threatened, and there have been suggestions that the dollar would collapse soon, or whatever. The street was looking for 72 cents, and just two months ago, the average estimate called for just under a dollar per share. However, we have, ultimately, seen the greenback resume its role as a safe haven, with the U.S. dollar having rallied once again. The dollar index gained nearly 2% in September but ended down just over 3.5% on the quarter.
The dollar was the mirror image of precious metals and equities. The dollar’s fallen about 10% from its March highs. US-dollar-denominated exchange reserves – that would be US Treasury securities, US corporate bonds, US mortgage-backed securities, etc. But over all these years, the euro has been replacing one after the other the national currencies of EU member states, from the original five to 19 currencies currently. In terms of the latter, the dreams were first scrambled by the collapse of the euro bubble in 2000, when European stocks crashed horrendously, after their huge run-up.
This movement has attracted the attention of ECB policymakers recently, not least as the Euro Area CPI reading for August showed price growth in negative territory, at -0.2%. It reduces the burden of dollar-denominated debt around the world, allows economies outside the U.S. to ease even further. They were further scrambled during the Euro Debt Crisis from 2010 to 2012.
A stronger Brazilian Real was supportive.


So, gold actually could be the sector within commodities that is really a win-win.Copper is very important. So, it’s benefiting from new demand drivers like electric vehicles, automated vehicles, wind, solar-all those things are driving demand for industrial metals, whether it’s battery or just copper wiring. Finally, the Gold tier, a by-invitation-only group, allows partners to maintain certified integrations and customer references across multiple Veeva product areas.
So, gold actually could be the sector within commodities that is really a win-win. Finally on other commodities, copper (+11.8%) was a top performer over the quarter, while gold (+5.9%) advanced strongly as well. Gold, it’s really a currency alternative, and it is a safe haven store of wealth. The Silver tier partners have Veeva certified employees who work with Veeva’s product team to maintain product integration. So, really gold does well in either of those scenarios. So, yes, gold is really potentially a win-win investment in this environment.
Source: Bloomberg Gold futures back above $1900… And Silver futs made it back to $24… No matter if it’s inflation or deflation, both of those could be good for gold. Like the Wall Street Journal calling gold a “pet rock” in 2015. Copper is putting in an aggressive sell-off after closing September and Q3 trade in a somewhat upbeat fashion. These levels help to provide some near-term structure for Copper, and strategy parameters will be looked at below.
This price plots around the 2.95 level; and its been in-play on Copper since July. This is the worst single-day drop in copper since March… Fundamentally, I think people always talk about copper as “Dr. Source: Bloomberg While crude and copper were clobbered, PMs rallied… Source: Bloomberg Extreme positioning and growth fears combined to crush Dr.Copper’s economics PhD forecast… Copper is very important.


I don’t know enough about minor oil companies to want to recommend as a direct investment, or rather as an investment in the company itself. It’s gotten to the point that even Justin Bieber is using the oil industry in his latest music video as a metaphor for pain and suffering. less The commodity WTI oil is falling sharply today, dropping by over 3.5% to $38.77. You know, around and about, dependent upon the oil price. To top it all off, The Economist recently proclaimed the death of oil (once again: see 1999 and 2003).
Based on retracement calculations, the oil price target for investors is $28.50. It’s an oil explorer and producer, mid sized at best. WTI oil crashed to -$40/bbl but recovered to nearly $45/bbl. Oil fell on fears of oversupply.

United States

When asked to condemn White supremacy during the first presidential debate, Trump used the spotlight to call on one group, the Proud Boys, to “stand back and stand by. Trump campaign says on a call they do not want any changes in debate, criticizing “swamp monsters” on the presidential debate commission for trying to change the rules. President Trump tweeted Thursday that he wouldn’t allow the Commission on Presidential Debates to move ahead with promised changes to the debate formate, which the organization announced yesterday.
Even US equities lost ground in September, having been one of the stronger performers this year, with the S&P 500 (-3.8%) and the NASDAQ (-5.1%) both losing ground. Second, ongoing talks between Congressional Democrats and the Trump administration over another fiscal stimulus program have spurred risk-taking in financial markets, undercutting the Yen as a safe haven. This includes a second coronavirus stimulus package, Trump’s Supreme court nominee, and the possibility of a second virus wave as schools reopen across the nation.
New information shows that the FBI used a briefing in August 2016 of then candidate Trump to gather information for “Crossfire Hurricane,” the Russia investigation.
With the first Trump-Biden debate of 2020 in the books, we’ve headed into the final stretch of the 2020 election. House Speaker Nancy Pelosi told top Democrats Thursday that she s skeptical of getting a deal for a new economic bailout package in negotiations with Treasury Secretary Steven Mnuchin. Some things however clearly did ring Comey’s bell like the recent allegations against Trump or former National Security adviser Michael Flynn.
At Medium, I take a broader view of Hastings’ recent interview with The Wall Street Journal (you might hit a paywall at the link). The number of refugees accepted into the US started to decline during the late 1990s, before plunging after Sept. 11. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. Finally, there’s this – Nasdaq bounced back up to the level of global central bank liquidity…
Between 2000 and 2001, the number of refugees admitted to the US dropped from more than 60,000 to 27,000. DB’s price target for PENN is $31, while Wall Street’s average is around $68 per share. Trump suspended processing of refugees between March and July, and the pace hasn’t exactly rebounded. I know that CALM sells cage-free eggs like Vital Farms (NASDAQ:VITL), so I needed to understand why their revenue decreased.
After years of investigation, the FBI was unable to show that a single Trump official conspired or colluded with the Russians. – Carol Loomis Apogee Enterprises’ (NASDAQ:APOG) stock had been dropping even before COVID-19 disrupted the economy.


The chance of a Brexit deal is still 50-50 and the currency has been plagued with volatility due to this uncertainty. The European Union is starting legal proceedings against the U.K. over Boris Johnson s plan to breach terms of its divorce from the continent and break international law. With uncertainty heading into Q4 as a result of COVID-19, Brexit, and the U.S. Presidential Elections, risk sentiment is rising. The pound sterling (GBP) has remained relatively stable despite the Brexit uncertainties.
Unfortunately, a few hours later, an EU official denied an agreement on landing zone. One of the big stories today was Brexit.