Daily Close | Forex, Metals, Oil, Agriculture September 28, 2020



Source: Goodfon The Teucrium Corn ETF (CORN) provides investors unleveraged direct exposure to corn without the need for a futures account. Looking at the corn market from this point of view, it can be said that the price of CBOT corn futures is still slightly undervalued. The first USDA forecast in May assumed a surplus of 25 million tons for the global corn market in the current marketing year. Judging by the dynamics of USDA forecasts, the world corn market is steadily sliding towards a deficit.
In my opinion, this is a good reason to expect the USDA to raise its forecast for US corn exports in the current marketing year. Therefore, in the long run, there is the relationship between the values of the stock-to-use ratio and the average price of the corn futures. As of the second week of September, the accumulated volume of exported corn together with the outstanding sales in the US amounted to 22.6 million tons. Therefore, the decision to invest in this fund should be made after analyzing the corn market.
But more importantly, this ratio for the corn market tends to decrease. So, I can find no reason not to be positive about the corn market. At that, the seasonality involves a period of the likely increase in the corn price over the next month. The corn futures price is close to its five-year average. Funds continued to actively buy corn (CBOT) last week. General Comments: Winter Wheat markets were lower on Friday and were lower for the week as the US Dollar turned higher and hurt demand hopes.
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. Ideas are that most of the Cotton crops in the region escaped any major damage that the storm could have brought. Today, you can’t even buy a cup of coffee with those five quarters.


Management noted it’s seeing higher demand from millennials and first-time buyers along with strong preferences for build-to-home orders, and higher dollar spend on design upgrades. In terms of purchasing power, the value of the silver remains relatively stable, but the value of a dollar shrinks. General Comments: FCOJ was lower once again on the higher US Dollar and the good growing conditions seen in Florida so far this year. Simply put, when the government debases the currency; a dollar no longer buys the same amount of stuff it once did.
Gold and silver also rallied, as the dollar moved lower. What are the consequences for the dollar and for gold?


Based on the company’s 840,000~ ounce gold resource at an average grade of 2.02 grams per tonne gold, the company is trading at US$47.62/oz. He played a pivotal role in developing Gold Road’s Gruyere deposit, which is currently producing over 300,000 ounces of gold per year. However, the company recently appointed Ian Murray as Executive Chairman, the former managing director of Gold Road Resources (OTCPK:ELKMF), a $1.5 billion market cap gold producer in Australia.
Source: Bloomberg Gold rallied over $30 from the ovenright lows… Silver also surged… And gold’s gains dominated the USD rally this afternoon… The industry average all-in sustaining costs for gold producers is $970/oz currently, so these costs are 20% below the average. The company’s flagship project is the Cape Ray Project in Newfoundland, which sits just 50 kilometers southwest and on-trend from Marathon Gold’s (OTCQX:MGDPF) Valentine Lake Project. Source: Bloomberg The gold/silver ratio dropped back below 80x today… Let’s see if gold and silver can continue to rally in this post-comex options expiration market.
This is a respectable production profile that puts Matador in the small-scale gold project category, and the estimated all-in sustaining costs of just $776/oz are quite attractive.
Silver and gold retain their value as paper currencies continue to debase – thus raising prices over the long-term. (Source: Author’s Photo) This valuation is quite reasonable for a Tier-1 jurisdiction gold explorer with a scoping study in place. It’s the very reason people buy silver and buy gold.
Download SchiffGold’s Free White Paper: Why Buy Gold Now? Ultimately, I think a lot depends upon what Cleveland-Cliffs shows its can do with the combined AK Steel and ArcelorMittal USA assets. To put it another way, a minimum wage worker earned five silver quarters for every hour worked. ArcelorMittal isn’t exactly walking away from the U.S. steel business. The company also added ex-Gold Road director Justin Osborne. The long-term rise in the price of silver reflects this reality.


Given the current weakness in the natural gas market, I expect the Gas marketing segment, which trades natural gas from multiple pipelines, to be a lot weaker moving forward. According to the company, “Direct use of natural gas is a more efficient energy (91% vs 36% from when converting natural gas or fossil fuels into electricity”. Bespoke Weather Services – The premier blended weather and natural gas analytics service custom-designed for gas investors, traders, and brokers.
This impact was largely due to the weakness in the natural gas market as a result of the economic recession brought about by the pandemic. Prompt month natural gas prices have been all over the place over the last few weeks, as the market struggles to find where to assign fair value. In fact, Spire is the only natural gas distributor in its franchised area in Missouri making it a regulated monopoly in the area. Just a brief background on the company, Spire is a utility primarily focused on the distribution of natural gas in three US states, namely Missouri, Alabama, and Mississippi.
This risk cannot be completely ruled out though especially if a more left-leaning government wins in November and enacts subsidies to switch away from natural gas to electric. This is not welcome news for natural gas bulls, given that storage sits at very high levels, especially in the key South-Central region (in closest proximity to Henry Hub). However, I think this risk is minimal due to natural gas being plentiful in the US and in some ways more energy efficient.
Oil prices have fallen by nearly 40% in 2020 due to the coronavirus pandemic as fewer people drive, and industrial output around the world slump. Low oil prices haven’t helped, with a barrel of WTI trading around $40 per barrel. Super-volatile oil prices are largely to blame for this; having ranged from $19 to $140 per barrel over this same period. I wrote an article on DHT Holdings (NYSE:DHT) recently, which is in my view the best positioned oil shipping company.
Additionally, should there be an increase in demand for oil, and those prices rise, Exxon Mobil’s stock is likely to benefit.
The merger will reduce the break-even price for the combined company to $33 a barrel for West Texas Intermediate crude, according to the companies. The price of oil has been stuck in a trading range since the beginning of June and presently shows no signs of life. However, if we were to break down the various vessel types in a histogram, we can see that the Aframax vessels are slightly older than the other vessels. That is a steeper decline than the 50% loss that the broader basket of oil-and-gas exploration companies have seen.

United States

In late August, the Fed unveiled its new flexible Average Inflation Targeting (fAIT) paradigm which while still lacking strict forward guidance and operational parameters (what is the target inflation? Declan Fallon Follow An easy headline which has played out as true, although the same bounce occurred in the NASDAQ well before the measured move target is reached. An easy headline which has played out as true, although the same bounce occurred in the NASDAQ well before the measured move target is reached.
how long will the overshoot last) means that – according to the latest FOMC projections – the Fed expects rates to be at zero at least until 2023. less At the end of last week, Treasury Secretary Mnuchin and House Speaker Pelosi revived hope for another coronavirus stimulus package. : In addition, the Fed said it will continue to manipulate interest rates to the lowest levels they have ever been. Simply Wall Street published quite an interesting research on the company’s future free cash flows (FCF).
The first televised debate between Trump and Biden is also tomorrow night and investors are eager to hear updated plans from the two candidates on stimulating the economy. While the Fed-corrupted financial markets were busy shrinking the stock of equity capital, they were also inducing the C-suites to borrow hand over fist. 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.
Source: Simply Wall Street In my view, the estimated future cash flows assume the demand for Disney’s services will fully recover by 2022. The final regional Fed manufacturing survey of the month was out today with the release of the Dallas Fed’s manufacturing survey. To that end, to help support the case that Russia was trying to help Trump win the 2016 election, when ‘there was similar evidence to the contrary.’ The Dallas Fed’s survey for September was no exception as the index for New Orders rose for a fifth straight month to 14.7.
The US government’s monetary policy devalues our currency, and that means less purchasing power for you and me. According to their website, “The Chicago Fed Midwest Manufacturing Index (CFMMI) is undergoing a process of data and methodology revision. As long as President Trump performs adequately, however, the debates should have a limited impact on the markets. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
The company’s software is used by more than 75,000 companies including AT&T (NYSE:T), Google (NASDAQ:GOOG) (NASDAQ:GOOGL) and NASA.
As it was, the US economy was already a hand-to-mouth cripple when the lockdowns came smashing down out of the blue in March.


The drug candidate is already approved in the United States and the European Union for treating CF patients aged six months and older. Brexit talks are back on this week and investors hope progress will be made.