Agriculture
However, the World Board also sliced beans’ residual demand by 17 million bu, their seed use by 2 million and this year’s soybeans crush usage by 10 million bu. The USDA sliced 25 million bu from wheat’s feed demand, but they also dropped the crop’s imports by 10 million bu. In soybeans, the USDA upped its export outlook by 30 million bu to 2.58 billion. The latest quarterly reports showed the smallest levels in years while 2021 planting intentions were lower than trade’s expectations except for US wheat seedings.
After last month’s lower quarterly corn stocks and recent Chinese purchases, smaller 2020/21 sending stocks were expected. Wheat’s larger quarterly stocks also impacted this grain’s April balance sheet. The USDA’s 5 mmt increase in China’s wheat feeding this month lent support since the world stock were decreased by a similar amount (WEAT).
After last month’s lower quarterly corn stocks and recent Chinese purchases, smaller 2020/21 sending stocks were expected. Wheat’s larger quarterly stocks also impacted this grain’s April balance sheet. The USDA’s 5 mmt increase in China’s wheat feeding this month lent support since the world stock were decreased by a similar amount (WEAT).
Currencies
Smaller gains were notched up by the euro (+1.16%), the Japanese yen (+0.94%), the Canadian dollar (+0.42%), the Australian dollar (+0.13%) and the New Zealand dollar (+0.01%). Crude oil prices traded flat during the APAC morning session despite a broad pullback in equities and commodities as the US Dollar climbed amid souring sentiment. The gap hasn’t been that large since early 2017 when the dollar was much stronger against the euro: Back then, $1 bought about €0.94, whereas now it buys €0.84.
A rising US Dollar is exerting pressure on the precious metal, although falling yields could offer support. With the dollar depreciating and the EURGBP cross in decline, the euro could even strengthen to 1.1905. less Gold prices went down on Monday after the better-than-expected increase in the U.S. producer price index (PPI) lifted the dollar and Treasury yields. Some officials are concerned it could be the start of a long-term bid to replace the dollar as the world’s reserve currency.
Economists expect annual inflation to rise in the coming months and uncertainty about its sustainability is what is driving the dollar. UST yields are on the rise, so strength in the dollar could be ephemeral. But the dollar has fallen this month despite some strong economic data.
A rising US Dollar is exerting pressure on the precious metal, although falling yields could offer support. With the dollar depreciating and the EURGBP cross in decline, the euro could even strengthen to 1.1905. less Gold prices went down on Monday after the better-than-expected increase in the U.S. producer price index (PPI) lifted the dollar and Treasury yields. Some officials are concerned it could be the start of a long-term bid to replace the dollar as the world’s reserve currency.
Economists expect annual inflation to rise in the coming months and uncertainty about its sustainability is what is driving the dollar. UST yields are on the rise, so strength in the dollar could be ephemeral. But the dollar has fallen this month despite some strong economic data.
Metals
After becoming very oversold, Gold, VanEck Vectors Gold Miners ETF (NYSE:GDX), and VanEck Vectors Junior Gold Miners ETF (NYSE:GDXJ) have traced out double bottoms around areas of strong support. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Jordan Roy-Byrne, CMT Follow The action in recent days has confirmed a short-term bottom in Gold and gold stocks. The action in recent days has confirmed a short-term bottom in Gold and gold stocks.
The gold stocks underperformed Gold badly in 2017-2018. In the 11 months through February 2021, loans against gold grew about 70 per cent for banks to over ₹56,000 crore. Gold prices fell by 0.35% while copper and iron ore prices fell by more than 1%. BEFORE THE BELL Futures for Canada’s main stock index fell, weighed by weakness in gold prices. Gold held up well but failed to break out multiple times as it underperformed the stock market.
Gold prices are retreating extending losses from Friday following upbeat comments from Fed Powell.
The gold stocks underperformed Gold badly in 2017-2018. In the 11 months through February 2021, loans against gold grew about 70 per cent for banks to over ₹56,000 crore. Gold prices fell by 0.35% while copper and iron ore prices fell by more than 1%. BEFORE THE BELL Futures for Canada’s main stock index fell, weighed by weakness in gold prices. Gold held up well but failed to break out multiple times as it underperformed the stock market.
Gold prices are retreating extending losses from Friday following upbeat comments from Fed Powell.
Oil
Saudi seaborne crude exports for last week were seen at 46.9 million bbl (6.7 million bpd) compared to 37.3 million bbl (5.3 million bpd) the week prior. India is the world’s third-largest oil importing country and it consumes nearly 10% of global crude oil exports. The oil cartel is planning to add 2.25 million bpd of output over the next three months to meet increasing demand, a decision that surprised markets in early April. Some of the major producers in the region announced the OSPs for sales of crude oil in May, following the earlier OSP announcement by Saudi Arabia.
Some of the major producers in the Middle-East announced the OSPs for sales of crude oil in May, following the earlier OSP announcement by Saudi Arabia.
Meanwhile, international oil benchmark Brent crude was trading 0.05 per cent higher at $62.98 per barrel. A step forward to returning to the 2015 nuclear deal may pave way for the removal of economic sanctions imposed on Iran, which include limiting its oil exports. Still, there could be some upside as optimism over the recovery in the US economy and improving vaccination rates could soon lead oil prices higher.
US crude production were reported at 10.9 million bpd, according to EIA, a drop of 200,000 bpd. Oil markets are looking to cues from macro variables and the status of vaccinations across the world even as key consumer countries continue to face rising infections.
Some of the major producers in the Middle-East announced the OSPs for sales of crude oil in May, following the earlier OSP announcement by Saudi Arabia.
Meanwhile, international oil benchmark Brent crude was trading 0.05 per cent higher at $62.98 per barrel. A step forward to returning to the 2015 nuclear deal may pave way for the removal of economic sanctions imposed on Iran, which include limiting its oil exports. Still, there could be some upside as optimism over the recovery in the US economy and improving vaccination rates could soon lead oil prices higher.
US crude production were reported at 10.9 million bpd, according to EIA, a drop of 200,000 bpd. Oil markets are looking to cues from macro variables and the status of vaccinations across the world even as key consumer countries continue to face rising infections.
United States
BEFORE THE BELL Wall Street futures were in red, as investors awaited earnings as well as inflation and retail sales data. Wall Street futures were in red, as investors awaited earnings as well as inflation and retail sales data. less Video Length: 00:01:31 So last week, we got a dovish Fed Minutes communication, a dovish sounding Fed Chair, and overall solid economic data out of the US. In US stock markets, Wall Street indices climbed to another record on Friday as investors shrugged off concerns over inflation and focused on prospects for an economic rebound.
The Black Lives Matter protests brought hundreds of thousands more downloads in the U.S.Bridgefy wasn t prepared for its new role as a tool for dissent. The correlation has changed tremendously over time, but it’s pretty clear equities have “caught up” nicely with the trillions of dollars of Fed Bux. The Nasdaq was able to pull away from its base in a move ready to challenge its February swing high.
Most importantly, the AUD/USD will react to the US Consumer Price Index data. The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. Futures for the technology-heavy Nasdaq-100 index were relatively flat.
The Black Lives Matter protests brought hundreds of thousands more downloads in the U.S.Bridgefy wasn t prepared for its new role as a tool for dissent. The correlation has changed tremendously over time, but it’s pretty clear equities have “caught up” nicely with the trillions of dollars of Fed Bux. The Nasdaq was able to pull away from its base in a move ready to challenge its February swing high.
Most importantly, the AUD/USD will react to the US Consumer Price Index data. The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. Futures for the technology-heavy Nasdaq-100 index were relatively flat.
China
Investors seem relieved that Beijing hasn’t done anything worse to China’s e-commerce champion after its dramatic fall from political favor. Suddenly, Bridgefy recorded tens of thousands of downloads from Hong Kong, prompting a cyber-attack from apparent Beijing sympathizers that forced the website offline for a day. The fact that Alibaba’s e-commerce platforms are popular among consumers probably counted in its favor with Beijing.
Europe
The latest vaccination data shows that the total number of doses administered per 100 people in their respective populations is much higher in the U.S. than in the EU. Some say the shift into economically-sensitive sectors went too far at a time when major economies like the European Union and India are grappling with fresh coronavirus outbreaks. Line of duties | The European Union imposed provisional tariffs on imports of aluminum flat-rolled products originating in China in a bid to curb competition for EU-based producers.
Hostile EU-UK Vaccine Spat Boosts Brexit Support Many believe being outside the EU helped U.K. s shot program to succeed. Johnson & Johnson: The company began delivering its COVID-19 single-dose vaccine to EU countries, a European Union lawmaker said.
0 Hostile EU-UK Vaccine Spat Boosts Brexit Support Many believe being outside the EU helped U.K. s shot program to succeed. Johnson & Johnson: The company began delivering its COVID-19 single-dose vaccine to EU countries, a European Union lawmaker said.
