Open: New York Session | Forex, Metals, Oil, Agriculture March 09, 2021

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


Updated figures from the U.S. Department of Agriculture on Monday placed corn export inspections, a proxy for actual exports, at 2.05 million tonnes for the week ended Feb. 25. But they no longer need to set new records, as the recent corn shipping pace has sufficiently boosted the efforts. Ivory Coast, the world s top cocoa producer, is in the dry season that runs from mid-November to March, when downpours are poor or scarce. Raw sugar futures on ICE closed down on Monday as the Brazilian real weakened against the dollar, but losses were limited as dealers remained mindful of tight near-term supplies.
Mish on Coffee and Sugar Exchange less Dax hits fresh all time high.


Dollar indexThe dollar index extended the gains yesterday and closed at 92.31, against the previous session’s close of 91.98. In global markets, gold prices edged higher but gains were capped amid a stronger US dollar and higher US Treasury yields. Gold to a fresh 9 month low on Monday as the US Dollar bounced higher hitting a 3.5 month high on an upbeat economic outlook (GLD, UUP). The last decade was the decade for developed markets, but the coming decade can see emerging markets doing well with vaccine rollout, weak dollar etc.
A small amount of money can “control” the underlying asset and allow you to profit by almost the same dollar amount as buying the underlying asset. Markets riseThe surge in tech stocks and a weaker dollar are helping push global equity gauges higher. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.02 per cent to 92.33. The rupee appreciated by 18 paise to 73.07 against the US dollar in opening trade on Tuesday supported by positive domestic equities.
The same dollar profit on a smaller initial outlay means a large percentage gain. The rising dollar can weigh on the Indian currency.


Bullish sentiment in the stock markets could cap any upside for gold as global risk sentiment remains well supported by optimism surrounding a solid economic recovery. MARKET NEWS Gold prices rose, as a pullback in U.S. Treasury yields added some lustre to the metal after it hit a nine-month low in the previous session. Just as you diversify across fixed income, equity and gold, you can diversify across countries; you cannot take the single country risk. Gold prices in India edged higher today after a slump in the previous session.
less We analyze Gold’s historical cup and handle patterns and historical corrections in bull markets and apply those to the current market. The HUI gold miners index (NYSE: HUI) finished out the week with a 4.7% gain, despite continued weakness in metals markets. That would likely coincide with gold prices recovering off their similarly oversold condition. S&P 500 futures pointed to a strong start to the session, oil was at $65.80 a barrel and gold was back over $1,700 an ounce.
Note that gold prices have fallen to near 11-month lows in India after being in a downtrend since hitting a record high of 56,200 in August. On MCX, gold futures were up 0.3% to Rs 44,360 per 10 grams, after falling to Rs 44,150 in the previous session.


Malaysian palm oil futures rose for a fifth straight session, tracking a rally in crude and soyoil futures, although expectations of rising palm supply put a lid on gains. Saudi oil production has not been impacted following an attack on the kingdom s oil infrastructure. However, higher crude oil prices and strong American currency could limit the appreciation bias in the local unit, traders said. This is still expected to push gasoline inventories down by 4.17 million bbl, while distillates are likely to have fallen by 3.67 million bbl.
The global oil company first shared its plans for the new hybrid model with staffers last month, according to the report.
BP announced last October it would shut the loss-making Kwinana plant, capable of processing 146,000 barrels per day (bpd) of oil, and turn it into a fuel import terminal. Today’s market has been led by the banking sector while oil and gas companies have taken a hit of slightly less than 2 per cent,” Garg added. Following an attack by Yemen’s Houthi forces at the heart of the Saudi oil industry, Riyadh had said there were no casualties or loss of property.
According to a Reuters poll, US commercial crude stocks are likely to show a draw of 833,000 bbl for the week ending the 5th of March. In the US, the energy giant is still most remembered for the underwater oil spill in the Gulf of Mexico which became a major disaster ten years ago.

United States

The tech heavy index Nasdaq 100 (QQQ) sold off through the day, which is showing a shift from growth stocks into value stocks as yields rose rapidly. Tech shares Speaking of repricing, this morning is seeing a bounce in tech shares after yesterday’s selloff sent the Nasdaq 100 Index down 11% from its Feb. 12 record. Nasdaq-100 futures gained 1.7%, S&P 500 futures rose 0.9% and Dow Jones Industrial Average futures strengthened 0.6%. US stock futures are trading higher today, indicating a positive opening for Wall Street.
The US benchmark bond yields hovered around a 12-month high on concerns that the government’s massive stimulus package will stoke inflation. There has been some stabilization in stocks, though we continue to think it’s going to be about just how much the bond market is trusting Fed communications. Pentagon officials are crafting a fiscal 2022 plan that assumes essentially a flat budget instead of the increase anticipated under the Trump White House, sources say.
It has done quite well in recent past…The US Tech Fund is just completing a year. Here’s Milton Friedman in 1997 in the Wall Street Journal:Initially, higher monetary growth would reduce short-term interest rates even further. less Wall Street has taken investors on a lucrative ride for the better part of a year.


Beijing also appears to be increasingly committed to a state-led import substitution strategy in semiconductors, aviation and other expensive high-tech sectors. But Beijing is also alienating major trading partners with its aggressive nationalism—just as its overall labor force is peaking. But to maintain competitiveness further out, Beijing still probably needs to make some tough political decisions. What is less clear is whether Beijing has the right tool kit to deal with the challenge.
Meanwhile, Beijing’s strategy for directly shoring up manufacturing is a mixed bag. Global Headlines Cooperation snag | President Xi Jinping has ambitious plans to turn China into a digital powerhouse.


The vaccine is still under review for approval at the EMA and currently, the EU holds no agreements of deliveries of Sputnik. The idea is to keep the previous import quota volumes unchanged and to share them between the European Union and Britain. EU says it agrees post-Brexit WTO agriculture quotas with U.S.