Daily Close | Forex, Metals, Oil, Agriculture October 22, 2020



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. General Comments: Winter Wheat markets were higher aga.in yesterday. South Korea bought 130,000 tons of White Wheat.


The leading economic reports thus have potential to echo changes in growth trajectories for the United States and other advanced economies, which could exacerbate US Dollar volatility in turn. The company’s $500 million bond due April 2025 was quoted around 61.25 cents on the dollar as of Wednesday, down from 91 cents in early September. The broader US Dollar looks like it is attempting to stabilize and turn higher on Thursday following a sharp slide over the last few trading sessions.
The company’s $755 million note due June 2023 was quoted at 84.75 cents on the dollar as of Wednesday, down from 94.25 cents in early September. Nevertheless, the current state of fiscal stimulus negotiations stands to continue strong-arming the direction of USD price action and the broader US Dollar. That said, the upcoming release of global PMI data has potential to exacerbate recent US Dollar volatility. Disappointing PMI data might encourage risk aversion and facilitate demand for top safe-haven currencies like the US Dollar.
Dollar values are in millions except per share amounts. In an effort to stymie recent downside, US Dollar bulls seem to be staging a relief bounce off the lower Bollinger Band. However, they are more likely to want to pay attention to the not-so-good news reported in the South China Morning Post on China’s corporate dollar debt. less With the US Dollar continuing to sell-off, a number of markets remain of interest. The US dollar is close to confirming a massive breakdown.
However, euro and sterling traders seem to be completely unfazed with both currencies hitting one-month highs.


Hubert is an independent gold and silver analyst who specializes in fractal analysis and the fundamentals of gold and silver . … more Hubert is an independent gold and silver analyst who specializes in fractal analysis and the fundamentals of gold and silver . It scores 66% of gold as a store of value,but has a market cap that is 1/60th of gold’s outstanding value. If the current fractal continues to follow the 70s fractal, then we could see gold continue to multiples of its current all-time high.
Gold, silver, and cryptocurrencies all provide “crisis value” by simply being an acceptable debt-based fiat alternative. That theme in Gold showed very loudly throughout this summer as the yellow metal pushed up to a fresh all-time high. Hubert’s work is regularly published in the premier gold and silver publications. Gold has recently made new all-time highs and seems ready to go higher after a decent consolidation. As of September 30, the number one position in our natural resources fund was copper explorer Ivanhoe Mines (OTCQX:IVPAF).
Other copper-focused firms include Chakana Copper (OTCQB:CHKKF) and CopperBank Resources (OTCPK:CPPKF). Both fractals start from the Dow/Gold ratio peaks (1966 and 1999).


Demand for oil and other fossil fuels is expected to continue growing on an annual basis for some time longer, but the pandemic has exposed serious vulnerabilities. Besides Vestas and SGRE, we maintain positions in Canadian Solar (CSIQ), Atlantica Sustainable Infrastructure (AY) and Plug Power, while underweighting our exposure to oil and gas explorers and producers. OPEC estimated in its September report that the global recession has reduced 2020’s oil demand by an incredible 9.5 million barrels a day.
From anything travel-related, airlines, hotels, destinations, oil/gas companies, it has been an awful year with no end in sight yet.
They provide natural gas service to customers in the pacific northwest.

United States

Cuomo made a big show of securing a Navy Ship from President Trump, but at the end of its term, the ship sailed away, having hardly housed any patients. The final debate may be Trump’s last time to force the question. Even before the pandemic, traditional energy markets were struggling despite Trump’s steps to deregulate the industry. “Trump’s closing message in the final days of the 2020 race is to publicly mock Joe Biden for trusting science,” the Biden campaign later wrote in a statement.
A Biden win could result in the rollbacks of the tariffs that President Trump put on China, which would undoubtedly benefit the semiconductor industry. Wait I would much rather someone at Fort Bragg be accidentally horny on main than the US military being like “oops we were hacked.” His campaign has spent the better part of the pandemic hammering the president over his response to it, and recently Trump offered his challenger another gift. The Trump campaign complained in an open letter when the debate commission changed the topic from international affairs to domestic issues.
Even though the RealClearPolitics National Average has Biden leading Trump by 7.5 points, neither campaign says it believes the polls. We believe that a deal will eventually be announced either after the election by Trump or even into 2021 during a Biden administration. By that measure, stabilizing economic outlook and liquidity measures from the Fed supporting credit conditions have driven a 51% rally in the period since.
The company reported $8.7 billion in revenue, beating the Wall Street consensus estimate of $8.2 billion by a considerable margin. However, since that time, the market has pulled back on those significant gains, with the NASDAQ falling by about 5.25%. While it’s likely the Fed will maintain short-term rates near zero, the long-end of the curve is more based on market dynamics and inflation expectations. On which note, the US election looms larger and larger.
That is because more coal plants were retired under Trump than during Obama’s second term. I have to remember not to blame Democrats who control New York for the lack of funding by the Administration headed by my former zip-code neighbor Trump. Compared to the broader financial market, JEF has outperformed during the ups and downs of 2020 and most recently, has broken out of its trading zone. At this stage, it looks like Senate Majority leader Mitch McConnell is blocking the deal made by Treasury Secy Steve Mnuchin and House Speaker Nancy Pelosi.
In March, when the US economy was essentially shut down, the index of Leading Indicators dropped a record 7.4% in just a single month.


If everyone complies with the new regulations, EV sales in the EU should reach 10% of all sales in 2020 and around 15% in 2021. The reason is that EV ownership in the EU is largely driven by government incentives and the compelling ones exist mainly in rich countries like Norway, Germany and France. Traditional automakers are pushing their BEV and PHEV sales in the EU in 2020 and 2021 to avoid fines, and this doesn’t bode well for Tesla.