Open: New York Session | Forex, Metals, Oil, Agriculture August 10, 2020

A member of the National Guard plays a trumpet during a flag rai


The expanding supply outlooks for corn and soybeans have offset incredibly strong export demand for the upcoming marketing year. Combined U.S. corn and bean export sales for the new year are record-large, and just over half the total is destined for China. Utilizing my tour data trends & various state soil conditions, my initial US corn yield is 177.5 bu. Raw sugar and coffee futures closed lower on Friday after a rebound in the dollar helped to stall the recent run-up for both products.
Sugar prices at the Vashi spot market showed a mixed trend on Monday on routine activities. China’s foreign ministry said it was imposing the measures on US senators Marco Rubio, Ted Cruz, Pat Toomey, Josh Hawley and Tom Cotton as well as congressman Chris Smith. The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,300-3,382 and M-grade 3,410-3,590. August weather is soybeans’ big yield factor. That’s because these are coffee can stocks.


The dollar has sunk of late and it seems as everyone is bearish on the dollar. Further, all of the investing from last year and moves this year shows that my aim to , and making every dollar count, has provided the dividend growth. In the week ahead, further movements in the dollar and in equities stand to impact gold prices. But a stronger dollar could weigh on gold prices, which are also extended in the move to the upside. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action.
The dollar index was up as U.S.-China tensions escalated, while spot gold prices dipped. The U.S. dollar index was up as U.S.-China tensions escalated, while spot gold prices dipped. The pair have been boosted by recent US dollar weakness and the greenback will likely remain the main driver ahead of this week’s data releases. The rupee settled with gains of 3 paise at 74.90 (provisional) against the US dollar on Monday, tracking the positive domestic equities.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.17 per cent to 93.59.


The withdrawal of accreditation would have hurt the mint, one of the world’s largest gold refiners, because big banks that dominate gold trading usually require it. While the copper’s price rise has outstripped that of gold recently, it has yet to break out of its long-running downward trend relative to gold. In 2017, gold miners underperformed, even as gold rose steadily, revealing that there isn’t a hard-and-fast relationship between the two. STOCKS TO WATCH Results Barrick Gold Corp (GOLD).
The main reason for gold’s surge is this year’s precipitous drop in US Treasury yields below the expected pace of inflation. Barrick said it realized an average gold price of $1,725 per ounce in the quarter, a 31% jump from a year earlier. Although gold-mining stocks have been big beneficiaries of the recent surge in gold prices, this has not always been the case. Markets headed ever higher as investors refused to believe that Congress would pass up a gold plated chance to spend with reckless abandon in an election year.
Shunned by investors due to mines that are old, deep, and difficult to extract, the country’s gold miners have traded at a discount to their global peers for years. This could lead to a bit of a consolidation in gold prices in the week ahead.


Speaking of oil, there is a bright spot from Total (NYSE:TOT), the French oil and gas company that has been around for almost a 100 years. But while the oil market is now recovering and countries like Iraq are starting to fall in line, this may not indicate smooth sailing for the international oil consortium. I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects.
When oil prices fell into the negative territory during the second quarter of 2020, it was a never before seen nightmare for many companies in the energy sector.
In April, crude oil storage and pipeline company cut the quarterly dividend rate by 50%, down to $0.18 per share from the previous $0.36 per share. Brent crude futures, the global oil benchmark, rose 1.10 per cent to $44.89 per barrel. But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering. CEO Amin Nasser is positive oil demand will further recover in the second half and said consumption in Asia is almost back to pre-virus levels.
The West Texas Intermediate Crude Oil market has fallen slightly during the trading session on Friday, as the 200 day EMA continues to attract a lot of attention. BEFORE THE BELL Canada’s main stock index futures rose, lifted by higher oil prices and an improvement in Chinese factory data.

United States

less Podcast Equities are mostly positive today following a strong session in Asia after Trump issued executive orders over the weekend providing unemployed Americans with special unemployment benefits. BEFORE THE BELL Major U.S. stock index futures edged higher as investors looked to executive orders from President Donald Trump over the weekend to support the economy. Major U.S. stock index futures edged higher as investors looked to executive orders from President Donald Trump over the weekend to support the economy.
President Donald Trump followed with four executive orders, most notably announcing $400/week in federal unemployment benefits, lower than $600/week previously provided. Governors pushed back on Trump’s plan to make states cover 25% of the $400-per-week jobless boost included in Saturday’s executive orders. Markets got what they were looking for anyway as Trump signed executive orders this weekend for more fiscal stimulus.
U.S. stock futures traded mostly higher in early pre-market trade, after President Donald Trump on Saturday signed orders extending Covid-19 relief program. less The Nasdaq 100 has pulled back a bit during the trading session on Friday after the Non-Farm Payroll number came out. By pulling back the way it has, the market looks likely to have shown a bit of an overextension as the Nasdaq 100 reached the top of the channel. Several Fed officials indicated their concern over that developing situation during the past week, where they also indicated they expect to continue the measures they’ve launched well into 2021.


Beijing is tightening its grip, in a move that seems to be a response to American sanctions against Carrie Lam, Hong Kong’s leader. Traders are monitoring the state of stimulus talks, as well as the latest fraying of relations between Washington and Beijing (see above). Beijing didn’t specify what form the sanctions would take. More U.S.-China tension: Health and Human Services chief Alex Azar is in Taiwan and peeved Beijing by praising its democracy and President Tsai Ing-wen’s response to the pandemic.
If Beijing thinks that delicate balance with Taiwan is at risk in the medium or long-term, it could act. Any American recognition of the island nation – which China sees as its own – angers Beijing. Bloomberg Economics predicts the spike in CPI will be short-lived, giving the PBOC room to loosen.


The EU’s entire operating budget for the last seven years – each year – is a modest 165 bn euros. Last month he told Chatham House that a settlement with the EU must require commitments to not do it again but also paying back some element of the subsidy. The EU has big plans to punch above its weight around the world in how much money it pumps into “developing economies”. That success was put down to local knowledge and a Blackburn phone number, instead of the 0300 number used by Boris Johnson’s “world-beating” centralised system, which provokes suspicion.
Women have been shut out of Boris Johnson’s new key decision-making bodies, an analysis shows, sparking accusations that his government is “incredibly blokey”.
Jeremy Hunt has urged Boris Johnson to drop plans for another huge reorganisation of the NHS, warning patient care will suffer if it goes ahead. Some EU websites, although not mentioning the total new budget for the EU itself, refer to pumping this up by 30%. If you still have a sense of humour after leading EU supporters of the project talk about the beginning of the end, then here’s a howler for you.
The EU has also threatened sanctions over the past month as the crisis has grown. So far, Washington has rejected at least three offers from Brussels for a settlement because the EU and U.S. don’t have the same number, he said.