Open: New York Session | Forex, Metals, Oil, Agriculture December 24, 2020

Traders have sold 8.34 million tonnes of corn, 3.75 million tonnes of barley and 12.29 million tonnes of wheat, the data showed. 2020/21 Brazil corn & soybean 2020/21 Paraguay corn & soybean 2020/21 South Africa corn 2021/22 U.S. wheat nbmnbmbnmnbmnbmnbmnbm Your comments are always welcome. With the US corn yields declining 5 of the past 7 years from November to January, a 1-bushel decline is likely next month resulting in an 82 million bu. With the US final soybean yield dropping 4 out of the last 5 years November, January’s soybean yield is likely to slip another 0.4 bu.
After last fall’s Small Grains Report, no change in the total US wheat crop or its various varieties is likely on the upcoming January 12 production report. Officials responded with a list of measures to stabilise food price inflation, including a grain export quota and a wheat export tax. While dry weather is good at the time of harvest, a prolonged drought fueled speculation about a weakening of Brazil’s coffee trees in the 2021 cycle.
Ganes told Reuters she decided to visit coffee farms after producers were able to harvest one of the best quality crops in Brazil’s history. MARKET NEWS Chicago soybeans gained more ground, with prices climbing to their highest since 2014, as concerns about supplies from Argentina underpinned the market. A spokesman for the Ivory Coast government told a news conference on Wednesday that the marketing season for coffee will open on Dec 28.

Considering that the price action looks favourable to INR and that the dollar index is trading lower compared to last session, the rupee will most probably appreciate further. If these amounts are lower at close, the price would be reduced dollar for dollar. Meanwhile, anti-fiat gold prices also rallied, capitalizing on broad weakness in the US Dollar as it particularly lost ground to the British Pound. MARKET NEWS Gold prices edged up as the dollar eased and investors bet on further U.S. stimulus though President Donald Trump threatened to veto a long-awaited pandemic relief bill.
The expected continuation of US dollar weakness will be positive for global trade and emerging market prospects. Currently, it is around -0.5.6 With continuing low interest rates, loose monetary policy and rising deficits, we believe the U.S. dollar could weaken further. Based on the latest reports, the package will include: The dollar amounts are, clearly, smaller this time around.
less NZD/CHF TECHNICAL ANALYSIS The Swiss Franc has made headway against the New Zealand Dollar so far in December. The US dollar falling is positive for exports. Precious metals historically have an inverse relationship to the U.S. dollar.

In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. “GOLD HAS BEEN A POOR INVESTMENT” Most investors are not even aware of gold and the ones who are don’t understand it. The fact that gold was $35 in 1971 is never mentioned and then moved up 24x until 1980 or that gold today is up 5,300% since 1971. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
In international markets, gold prices steadied as investors balanced elevated U.S. jobless claims with US President Donald Trump’s threat to veto a long-awaited stimulus bill. Tracking a muted international trend, gold prices edged lower in Indian markets today. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds.
In the latest week, the aggregate large speculator reduced very large long holdings, except for positions in gold, silver, T-bonds and the yen.
Third, focus on projects that will produce 100,000 ounces of Gold per year or more. Real assets like precious metals and commodities will be the “safe” investments, as will substitutes for paper money, like cybercurrencies and gold.

The crude oil trucking business and the consideration for crude oil linefill and inventory make up the remaining $10 million. US crude oil inventories fell 562,000 bbls during the week ended Dec 18 while gasoline stocks fell by 1.1 million bbl. CRUDE OIL TECHNICAL ANALYSIS WTI crude oil prices bounced off the short-term 20-day Simple Moving Average, following the bullish implications of a ‘Golden Cross’ formed back in late November. Blueknight recently announced the sale of its crude oil terminalling, pipeline, and trucking businesses for $162 million in gross cash proceeds.
This results in Blueknight’s estimated adjusted EBITDA being around $50 million proforma for the sale of its crude oil businesses. Blueknight has approximately $100 million in credit facility debt proforma for the divestiture of its crude oil businesses. The sale of its crude oil businesses involved a pretty healthy multiple of over 11x adjusted EBITDA including the associated corporate costs of the divested businesses.
November gasoline exports fell 31.6% from a year earlier to 1.26 million tonnes, off October’s record 1.91 million tonnes, according to China’s General Administration of Customs. Blueknight Energy Partners (BKEPP)(BKEP) has substantially reduced its debt with the sale of its crude oil businesses at a multiple that is effectively over 11x adjusted EBITDA. Blueknight Energy Partners has substantially reduced its credit facility debt via the sale of its crude oil businesses.

Interest and dividend income fell by 3.4% from February to $2.87 trillion (annual rate), a result of the Fed’s interest rate repression and corporate dividend cuts. During the Wall Street trading session, markets also welcomed upbeat US durable goods orders and initial jobless claims data, brushing aside pessimistic personal spending figures. US stock futures are trading higher today, indicating a positive opening for Wall Street indices. Vaccine rollouts, which have begun in the US, UK, Canada and Russia, could take longer than projected, and new surges or variants of the virus could cause setbacks.
In the fourth quarter 2018 we got a hint of what happens when the Fed stops easing: stock markets plunge. Wall Street gets paid on assets under management – the higher the stock and bond market rises, the more they earn. Start-ups have sprung up in the past two years to supply and manage the motorbike-taxi drivers who run the most common form of public transport in most cities.
In 2009, we extended our model and predicted the evolution of real GDP per capita in 27 countries, including two virtual countries: the U.S.S.R and Czechoslovakia. Nasdaq Futures are trading up by 17 points (up 0.1%) while Dow Futures are trading up by 64 points (up 0.2%). The following table reproduces two versions of the Fed officials’ consensus projections, a medium version, and a central tendency version.

But recent events have reinforced the impression that Beijing means business.

News of the EU and Britain on the verge of striking a trade deal also supported the markets as fears of a chaotic Brexit were downplayed. One EU diplomat said the U.K. had made concessions on fisheries in recent hours that had unlocked the deal. • FTSE rallied 0.6% on Tuesday as Brexit rumors swirled and on news that a deal could be imminent. less Fish were the final stumbling block in a post-Brexit deal between the EU and UK. Bloomberg reports U.K., EU Set to Announce Brexit Trade Deal After Compromise.
Brexit trade talks continued overnight between the EU and the UK and an agreement is expected to be unveiled today.
With the Christmas holiday just around the corner and a relatively light economic docket ahead, all eyes will likely remain on Brexit and US stimulus developments. While Brexit may well be finalized today, large swathes of the UK are in near-total lockdown and are expected to stay that way over the coming weeks. The EU also wants to be able to impose tariffs on the U.K. if, after the fisheries transition period, the government restricts access to its waters.
The Financial Times reports Britain and EU Poised to Announce Christmas Eve Brexit Deal.