Open: New York Session | Forex, Metals, Oil, Agriculture April 15, 2021



Planting corn in cooler climates is still possible, but colder soil can take corn kernels much longer to germinate and increases the risk of seedling death. The latest estimates from the US Department of Agriculture (USDA) show farmers could face another year of high corn prices after initial planting estimates came in below expectations. The cold blast has likely delayed seeding across the Corn Belt as farmers wait for warmer temperatures. less Chicago corn futures rallied to 2013 levels Wednesday as concerns about cold weather slowing US seeding caught traders’ attention, according to Reuters.
In the meantime, soaring corn exports and prices are a blessing for US farmers who have had their farm incomes collapse in recent years. This is happening as US exports of corn nears a record high following increased demand from China. Corn prices today hit the highest level since June 19, 2013. Here’s the difference between planting corn early and late.
Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The dollar depreciated last year, meaning that the dollar value of nondollar assets in a mixed-currency portfolio rose. less Technical indicators of the currency pair: The euro continued to rise against the US dollar amid growing yields on German Bonds. less The rupee slumped 17 paise to 75.22 against the US dollar in opening trade on Thursday following losses in domestic equity markets amid concerns over rising COVID-19 cases. This idea of ranking currencies based on the size of their so-called monetary base means the yen and the euro are both larger than the U.S. dollar.
Despite positive industrial production data, the currency is showing weakness against the euro and the dollar. The dometsic currency opened lower at 75.19 per US dollar against a close of 75.05 on Wednesday and remained below 75. The quarterly International Monetary Fund data show the dollar’s share of reserves below 60% for the first time since 1995. Huarong bonds — among the most widely held SOE debt worldwide — recently fell to a record low of about 52 cents on the dollar.
BEFORE THE BELL Futures for Canada’s main stock index rose as gold prices jumped on the back of softer Treasury yields and a weaker U.S. dollar. (Obviously the euro and yen aren’t bigger than the dollar).


The company’s total preliminary gold production fell to 1.10 million ounces in the quarter ended March 31 from 1.21 million ounces in the previous quarter. From June 1, jewellers will be allowed to sell gold jewellery of only 14, 18 and 22 carats.BIS has nearly 21,000 and is making them available free of cost. Gold prices for the latest contract on MCX are trading up by 0.4% at Rs 46,809 per 10 grams. Investors who fear higher inflation seek refuge in what they perceive to be the new digital gold, but where Bitcoin leads, the other altcoins will surely follow.
Gold prices are trading up by 0.4% at Rs 46,781 per 10 grams. Although cumulative flows in gold and Bitcoin funds moved in a similar way since 2019, Bitcoin lagged behind before pulling ahead. S&P 500 futures pointed to plenty of green at the open, the 10-year Treasury yield was at 1.613%, oil was close to $63 a barrel and gold gained. In that case, gold and silver could be poised to extend recent gains.
Gold has seen a -$20 billion outflow while Bitcoin has enjoyed a $7 billion inflow. Gold hallmarking is a purity certification and is voluntary at present.


CRUDE OIL TECHNICAL ANALYSIS WTI crude oil closed above key resistance at 62.245, the March 30th high. U.S. crude inventories dropped the most in almost two months last week, while a gauge of gasoline demand ticked higher for a seventh straight week. EIA inventory data showed that US oil stockpiles shrank by 5.89 million barrels last week. less Crude oil prices rose to the highest in almost a month despite a fairly late ‘risk-off’ tilt during Wednesday’s Wall Street trading session.
Meanwhile, the International Information Association also revised the outlook for global oil demand this year to 96.7m barrels per day. It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant (SNP) or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations. Jazan’s main oil facility is a new refinery designed to process 400,000 barrels of crude a day.Aramco’s media office didn’t have an immediate comment.
The IEA had in a separate monthly report similarly predicted that global oil demand and supply are on course to re-balance in the second half of the year. Iran-backed Houthi fighters in Yemen claimed an attack on the Saudi refinery town of Jazan, the second strike against the kingdom s oil facilities in a week. Oil prices were near one-month high, boosted by positive demand forecasts from the IEA and OPEC.

United States

BlackRock Inc: The world’s largest asset manager, reported first-quarter profit ahead of Wall Street estimates as strong capital markets helped attract more money to its diverse funds. Dow futures are trading up by 0.4% while Nasdaq futures are trading higher by 0.6%. The company’s shares are expected to begin trading Thursday on the Nasdaq Global Select Market under the symbol TSP.This story was produced with the assistance of Bloomberg Automation.
US stock futures are trading higher today indicating a positive opening for Wall Street indices. TuSimple’s share are set to debut on the Nasdaq later in the day, under the ticker symbol “TSP”. The US space agency NASA aims to land the first woman on the Moon through its ambitious international spaceflight program Artemis by 2024. The company’s shares will be listed on the Nasdaq Global Select Market under the ticker symbol “APP”, AppLovin added. In the Fed s Beige Book report released Wednesday, the central bank references shortage or shortages 37 times, up six mentions from a previous decade-high total in March.
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. Global Headlines Tech curbs | Biden is following Trump s playbook on limiting tech exports to China, expanding the targeting of companies such as Huawei.


A big reason: Everyone thought Beijing would always stand behind a key company like Huarong. Some took the execution as a message from China’s leader, Xi Jinping: my crackdown on corruption will roll on.At Huarong, the bottom has fallen out. He spoke of trunk-loads of cash being spirited into a Beijing apartment he’d dubbed “the supermarket.” Authorities said they discovered 200 million yuan there. The matter of his successor is shaping up to be a geopolitical battle that pits India and the U.S. against Beijing.


While the EU announced it would receive 50 million additional doses of Pfizer’s COVID-19 vaccines in the second quarter, immunization uncertainty remains substantial. Von der Leyen said the EU will receive 50 mln BioNTech-Pfizer Covid-19 vaccines earlier than expected.