Open: New York Session | Forex, Metals, Oil, Agriculture March 17, 2021



U.S. announces largest sale of corn to China since January China booked its largest purchase of U.S. corn since January, the U.S. Department of Agriculture (USDA) said on Tuesday. After harvesting their biggest-ever wheat crop in 2020, many farmers are betting on back-to-back bumper seasons, buoyed by good moisture levels in some of the country’s main grain-growing areas. MARKET NEWS Chicago corn futures gained for a fifth consecutive session as China’s strong purchases of U.S. supplies underpinned the market.
London cocoa futures dipped on Tuesday, with supplies deemed ample despite some short-term tightness that saw the March contract LCCH1 expire at a substantial premium to other positions.


A balanced message would likely keep stock markets happy while bond yields continue rising, yet at a controlled pace, only nudging the dollar higher. Gold ticked higher, while the dollar was little changed. Ten-year US yields are now hovering around 1.63% while equities and the dollar are stable. ANALYSTS’ RECOMMENDATION Coupa Software Inc: JPMorgan raises target price to $125 from $121, considering Coupa s position as a leader in a competitive field and high dollar retention rates.
The International Energy Agency’s monthly oil market report is due, as is inflation data for the euro-area and the latest decision from the Brazilian central bank. The U.S. dollar was little changed. He is also Chairman of SchiffGold, his precious metals dealer, Euro Pacific Asset Management, and Euro Pacific Bank, his brokerage firm for international clients. Education Relevant Work Experience less (Length 00:58:10) Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, an SEC-Registered Investment Adviser and a full service broker/dealer.
He is also … more Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, an SEC-Registered Investment Adviser and a full service broker/dealer. 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.


Gold prices in India struggled amid a similar trend in global markets as investors remained cautious ahead of the US Fed policy announcement. After hitting a 9 month low in early March Gold (GLD) prices have been creeping higher thanks to the weaker than forecast inflation and easing treasury yields. Gold prices are trading up by 0.4% at Rs 44,985 per 10 grams. This is important because the gold price tends to bottom when the futures market open interest is relatively low.
On MCX, gold futures were up 0.2% to Rs 44,917 per 10 grams. A break through this level could see gold test 1775 the upper band of the descending channel, ahead of 1800 round number and 50 sma. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. The selloff steepened since the start of the year and gold remains in the descending channel. In global markets, gold rates were flat ahead of the outcome of the US Federal Reserve’s two-day meeting.
S&P 500 futures also pointed to a small loss at the open, the 10-year Treasury yield was at 1.646% and gold gained.


MARKETS TODAY OIL: Oil slipped for a fourth day as concerns about weaker demand in Europe outweighed an industry report that showed U.S. crude stockpiles unexpectedly fell last week. Global X ETFs New normal The International Energy Agency’s latest report makes grim reading for any oil bulls looking for a return to the pre-pandemic landscape for crude demand. Bolsonaro then named a retired Army general with no experience in the oil and gas industry to lead Latin America’s biggest crude producer.
I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects.
The oil trader has not yet closed its 2020 accounts and the final profit figure may still change, the report said. Even before Covid decimated crude oil demand, the American Energy Independence Index (AEITR) had returned 3% p.a., versus 16% for the S&P50 through 2019. But fuel demand remains sluggish, keeping oil refiners under pressure and looking for ways to limit further losses. The world’s second-largest palm oil producer calculated a reference price of 4,331.48 ringgit per tonne in April, up from 3,977.36 ringgit in March.
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. Gasoline inventories were estimated to have fallen by 0.93 million bbl compared to the poll forecast of 3 million bbl.

United States

Futures tracking the S&P 500 and Dow Jones were subdued as investors held back on trades ahead of a U.S. Federal Reserve policy meeting outcome, while Nasdaq slipped. …the Fed should be every bit as optimistic about growth as the market has been, while still sticking to its script on the timing of any rate increase. So I expect to see more language like we saw last week from the Fed, that pushes back and adds qualifiers to “substantial progress.”
Nasdaq Futures are trading down 21 points (down 0.2%) while Dow Futures are trading flat. I also don’t think that the Fed will allow the interest rates to go much higher than 3.5% on the long-end. So far the Fed has shown little to no concern for the bond market sell off. Powell and the Fed have a – acknowledging the recovery and a potential for higher inflation, without stoking fears of a rapid rate increase. The Federal Open Market Committee (FOMC) of the US Federal Reserves (Fed) meets on Wednesday and their statement and the economic projections should be closely watched.
If the interest rates were to rise, the expenses with interest would skyrocket and leave the US government strangled. Nifty 50 had opened at 14,946.55 as against the previous close of 14,910.45.Foreign investors remain cautious and await clear signals from the US Fed.


The move comes a day after Chinese President Xi Jinping warned that Beijing’s crackdown on big tech companies was just beginning, the report added. Beijing won t want to discuss what it sees as domestic issues (Hong Kong, Xinjiang, Taiwan). In China, President Xi Jinping has committed to net-zero emissions by 2060.


Strategy: the more subtle changes in the tones from the ECB probably mean that the trading range for 10y rates has moved higher for good. At least nominal rates may be allowed to rise if the ECB judges that the economy has improved enough to justify the increase. Buying a 3y1y seagull utilises the rolldown in rates as well as on the vol curve to give decent carry with limited downside unless markets start pricing ECB hikes. The PEPP numbers on Monday will be crucial for assessing how badly the ECB intends to “preserve favourable financing conditions”.
Moreover, the intensity with which the ECB reminds us that redemptions may disturb the picture probably goes to show that the number won’t be a blockbuster. Last September, the European Commission presented its plan to reduce EU greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. The EU is also seen as hoarding a vaccine it doesn t use, depriving poorer nations that need it desperately.
Crucially, such passes will be acceptable for vaccines that haven t been approved by the EMA and may pave the way for tourism from outside the EU.
Efforts by the EU and other regulators to police these green pledges may be critical to any success.The clock is ticking. The EU is on a path to surpass its goal of generating a third of its energy from renewable sources by 2030.