Open: New York Session | Forex, Metals, Oil, Agriculture February 01, 2021

Comexim said 2021/22 (July-June) coffee exports from the world’s largest producer should reach 38.2 million bags, down from 45 million bags seen for the record 2020/21 season. USDA said that private exporters reported the sale of 2.108 million tonnes of corn for delivery to China in the 2020/21 marketing year. Moscow is attempting to reduce wheat exports to help curb rising domestic food prices after President Vladimir Putin criticised food inflation amid the coronavirus pandemic.
MARKET NEWS U.S. corn futures rose more than 1% to hit a six-year high, driven up by strong Chinese demand. Soybean oil remained the largest biodiesel feedstock, with 683 million lbs used in November, or about 60 percent of the total. Cocoa futures settled higher on Friday after hitting a two-week low in the previous session, bolstered by stockpile data and stronger equities performance.

FOREX: The dollar sank as global stock markets rallied, while riskier currencies such as the British pound, the Australian dollar and New Zealand dollar rose. Dollar indexThe dollar index ended last week with a gain at 90.58 versus the previous close of 90.24. The safe-haven dollar faltered as risk sentiment improved, on hopes that retail investors who targeted hedge funds last week had turned their sights elsewhere. Last week was dominated by relative strength in the New Zealand dollar, and relative weakness in the Japanese yen.
As of last Thursday, these companies had rung up $37.18 in blended earnings, although down a full dollar from a week ago. Brent crude, the basis for pricing international oils, gained 57 cents to $55.61 per barrel in London.The dollar gained to 104.88 yen from 104.75 yen. The largest decline against the US dollar was seen in the Australian dollar (-0.95%). Smaller losses were shown by the Japanese yen (-0.93%), the Swiss franc (-0.55%), the Canadian dollar (-0.34%) and the euro (-0.31%).
He is also Chairman of SchiffGold, his precious metals dealer, Euro Pacific Asset Management, and Euro Pacific Bank, his brokerage firm for international clients. Only the British pound (+0.12%) and the New Zealand dollar (+0.03%) posted gains.

Posts began circulating on Reddit urging retail investors to buy silver mining stocks and ETFs backed by physical silver bars. less (Video length 00:48:22) David is one of the world’s experts on investing in silver & he discusses the Reddit Wall Street Bets short squeeze on Silver. The Game Stop short squeeze exposed many to the precious metals market manipulation & the traders now seems to have their focus on the Silver market. In global markets, spot gold rose 0.3% per ounce while silver rates surged as much as 7.4% to climb a nearly six-month peak.
less The Reddit day-trader frenzy has spilled over to the commodity market, with silver prices surging nearly 13% within three trading days. A questionable belief that bullion banks hold a massive naked short in COMEX silver futures that can be squeezed, was a major focus across social media this weekend. As at end November 2020, physical silver stored within the London Bullion Market Association (LBMA) alone stood at 33,475 tones, valued at $ 23.8 billion.
However, silver futures on MCX surged 6% to about Rs 74,000 per kg, tracking the recent surge in global rates following a GameStop-style squeeze. With this in mind, the focus today is to watch the exchange for physical (ETP) spread between spot silver and the futures for signs of stress in the system. Big moves in silver, however, is not unusual after witnessing 3 bull and 3 bear market moves last year ranging from 21% and 156%.

VanEck Oil week The chief executive officers of Exxon Mobil Corp. and Chevron Corp. spoke about combining the two largest U.S. oil companies last year, Dow Jones reported. MARKETS TODAY OIL: Oil prices rose buoyed by falling inventories and hopes of a swifter global economic recovery, although halting vaccine rollouts and renewed travel restrictions capped gains. The news kicks off what is going to be a very busy week for the oil market, with almost every oil major reporting results.
The Oil rigs (RIG-OL-USA-BHI) rose further by 6 to 295, while the gas rigs (RIG-GS-USA-BHI) remained unchanged at 88, the highest since May as per data by Baker Hughes.
I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects. US shale producers have been adding consistent pressure by bringing online more oil and gas rigs as the WTI prices have held strong around the $52/bbl mark. I have over 20 years of international engineering experience in the chemicals, oil and gas, and renewable energy industries, and hold several patents related to my work.
This would be one of the biggest mergers in history and form a giant within the oil and gas industry. Within these market conditions, the price for oil went below zero for the first time in history. 3395, which implemented a 60-day suspension of new oil and gas leasing and drilling permits for federal land and water.

The Dow and S&P also posted losses for January, the first negative month in four although the Nasdaq did manage to post a gain for the month. US stock futures are trading higher today, indicating a positive opening for Wall Street. Yet another case of the big money Wall Street crew ripping off ordinary investors. The Nasdaq did not escape the selling, but it did manage to hold support of the rising trendline. He is an avid market watcher having followed capital markets in the US and India since 1993.
Anyhow, I hate to ruin a good Wall Street scandal, but I would rather focus on real ones. The Dow fell 2% and the Nasdaq composite lost 2%.In Asia, the Shanghai Composite Index rose 0.6% to 3,505.28 and the Nikkei 225 in Tokyo advanced 1.6% to 28,091.05. “If you really want to stick it to Wall Street, just buy and hold a Vanguard fund! Granted, the DAX is not quite as cynical as the US indices are, but nonetheless, it does like stimulus as well.
The GameStop drama has blown up into a form of populist revolt pitting main street against Wall Street.

Only seven countries and the European Union have submitted stronger targets to cut emissions, according to Climate Action Tracker, an independent scientific initiative. After all, the DAX is considered to be the “blue-chip stock index” of the European Union, so it is the first place money goes looking towards. But the EU’s plan to cut emissions 60% by 2030 is still not compatible with the Paris Agreement. The U.S., United Nations and European Union urged the military to respect the results of the election.
The EU will receive 9m “additional” doses from AstraZeneca during Q1 2021.