Open: New York Session | Forex, Metals, Oil, Agriculture February 24, 2021

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


The corn area will grow by around 1 million hectares to 19.44 million hectares (48 million acres), the poll showed. Last week, the U.S. Department of Agriculture tentatively slated 2021 corn and soybean plantings at 92 million and 90 million acres, respectively, primarily based on economic analysis. That was slightly fewer corn acres and more soy acres than the market expected, though both would be up on the year. Arabica coffee futures continued their impressive run on Tuesday, closing up for the sixth consecutive session and hitting the highest price in more than a year.
Stocks at large and medium-sized agricultural companies included 5.1 million tonnes of wheat. March Chicago Board of Trade corn futures settled Tuesday at $5.5375/bushel, up 2.75 cents. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The weaker dollar made the bullion less expensive for investors using rival currencies, while the lower bond yields reduced the opportunity cost of holding non-yielding assets like gold. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.07 per cent to 90.10 amid improved risk appetite in the markets. FOREX: The dollar remained at multi-year lows against the Antipodean currencies and held near a one-month low versus the euro as reflation trades gripped the currency markets.
Meanwhile, the global oil benchmark Brent crude was trading 0.56 per cent lower at US dollar 64.12 per barrel. He also suggested that the dollar depreciation and the inflation rate will be the key drivers for the bullion. Weaker US Dollar offers support amid cautious optimism surrounding recovery. But even Bitcoin, which suffered the worst crash on a dollar basis, only gave up the gains it had experienced over the past dozen days.
The yellow metal was further supported by a decline in the U.S. dollar in benchmark 10-year U.S. Treasury yields. He is also Chairman of SchiffGold, his precious metals dealer, Euro Pacific Asset Management, and Euro Pacific Bank, his brokerage firm for international clients. A financial professional for more than twenty years, he joined Euro Pacific in 1996 and served as its President until December 2010, when he became CEO.


Copper prices in London retreated from a 9-1/2-year high as investors exercised caution following a rally, which pushed prices up by 9.2% in just four days. Gold prices are trading up by 0.1% at Rs 46,742 per 10 grams. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. He predicted that bond yields would continue to influence the movement of gold prices in the near term.
Gold prices were flat today in Indian markets despite positive global cues. Image Source: Unsplash Spot gold is currently trading at $1,804.97 per ounce as of 0801 GMT. S&P 500 futures pointed to a small gain at the open, the 10-year Treasury yield was at 1.367% and gold was slightly higher. On MCX, gold futures were 0.06% higher at Rs 46,830 per 10 grams. Stephen Innes, the chief global market strategist at Axi, commented that Powell’s dovish statement was credible enough to give gold more breathing room.
Benchmark copper on the London Metal Exchange climbed this week above $9,000 a tonne for the first time since 2011.


Fuel oil: GC HSFO FP falls despite stock draws The March swap for Gulf Coast high sulfur fuel oil stumbled 65 cents Tuesday to $54.60/barrel at 4p Houston. Still, gasoline stocks rose by 66,000 bbl, compared to expectations of a 3.06 million bbl decrease. The American Petroleum Institute reported Tuesday PADD III residual fuel oil stocks were drawn 777,000 barrels to finish the week ending February 19 with 18.261 million barrels. After EIA’s report for last week’s build of 672,000 barrels, we expect total gasoline stocks to be drawn by 3.1 million barrels for the week of February 19th.
Refinitiv Oil Research & Analytics assessed the March swap for GC 0.5% fuel oil at a $20.75/bbl premium to the March GC HSFO.
The rise in crude stockpiles came on the back of lower refinery crude runs that fell by 2.2 million barrels per day. US crude stocks rose by more than 1 million barrels in the latest reported week, according weekly statistics released by the American Petroleum Institute. Regional Crude: US coastal grades weakened on stock build WTI Midland March paper weakened 5 cents Tuesday to WTI swap plus $1.10/bbl.
U.S. crude inventories rose by 1 million barrels in the week to February 19, according to data from an industry body. For the oil market this means forecasts of $100 a barrel crude are emerging, less than a year after the commodity traded in negative territory.

United States

Nasdaq Futures are trading down 104 points (down 0.8%) while Dow Futures are trading down by 103 points (down 0.3%) The rupee is trading at 72.29 against the US$. The Fed’s decision to stop the sale of Treasury bills also put short-dated bond yields at risk of turning negative. US stock futures are trading lower today, indicating a negative opening for Wall Street. 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.
US equities witnessed a sharp reversal from initial losses and finished mostly higher as Fed Chairman Jerome Powell continued to sound dovish in his testimony. Forex traders said the Fed Chairman Jerome Powell’s dovish statement on the US economy also boosted investor sentiment. For two decades, its customers have paid more for electricity than state residents who are served by traditional utilities, a Wall Street Journal analysis has found.
In refining news, Valero, Exxon, Motiva and Marathon have begun restarting their refinery units in the US Gulf Coast post the winter storm in Texas last week. Is the market testing the Fed’s credibility in its fight for higher inflation and maximum employment? The Nasdaq probably did enough to defend trend support, although technically there was a big uptick in ADX, and the bearish MACD accelerated downwards.


By now, I have built up excellent skills and experience in analyzing macroeconomic and political developments in Europe, the Eurozone and Germany, including ECB watching. Lagarde has expanded the ECB balance sheet by more than Draghi. Main focus: Europe, Eurozone, Germany and ECB.