Open: New York Session | Forex, Metals, Oil, Agriculture November 04, 2020

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


Soft wheat exports to destinations outside the EU totalled 703,000 tonnes in October, the fourth month of the 2020/21 season, the Refinitiv loading data showed. The firm put soybean production at 4.183 billion bushels, down from 4.294 billion bushels last month. The firm estimated U.S. corn production at 14.502 billion bushels, compared with its Oct. 2 figure of 14.812 billion. MARKET NEWS Chicago soybean futures rose for a second session, with prices underpinned by robust demand for the oilseed from Brazil to China and lower-than-expected U.S. harvest progress.
As of Nov. 1, some 43% of U.S. winter wheat was in good or excellent condition, up 2 points on the week but 2 points below analyst predictions. For soybeans, IHS Markit forecast the average U.S. 2020 yield at 50.8 bpa, down from its Oct. 2 figure of 51.9.


The Canadian dollar fell 0.65 per cent to C$1.3218 per US unit. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.32 per cent to 93.85. IG Markets’ analyst Kyle Rodda said the gold market is beginning to doubt a clear victory by Biden and its effect has been the strengthening of the dollar. In global markets, gold prices moved lower today amid a stronger US dollar as US elections headed towards a tight finish.
Industrial metals declined as a stronger U.S. dollar made greenback-priced metals more expensive for buyers holding other currencies, but prices were supported by hopes for further U.S. stimulus. The S&P 500 stock market index swung from deep losses to strong gains, while the US dollar index gapped lower before surging higher (SPX). Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action.
However, the toing and froing between who is leading the race has prevented an aggressive bid in the US Dollar. The multi-billion dollar pipeline should provide hundreds of millions in annual cash flow. As we’ve written for nearly three years now, for nearly three years Europe has been at the unfortunate forefront of Euro$ #4.


The U.S. Mint sold nearly four times the Silver Eagles in the first two days of November than it did during the same month last year. The unprecedented global stimulus packages released by governments worldwide to shield their economies from the impact of the pandemic boosted gold prices by around 25% so far this year. However, a drawn-out or contested election result would weigh heavily on stock markets and by extension precious metals markets and push gold lower to test the $1,860 level.
The Chilean Copper Commission (Cochilco) reported that Codelco – the world’s largest copper mining company – boosted production by 9.6% year-on-year to 159,200 tonnes. Later on in 2008, he began researching areas of the gold and silver market that, curiously, the majority of the precious metal analyst community have left unexplored. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions.
If the economic and financial situation continues to deteriorate for the rest of the year and into 2021, we could see record demand return for the Silver Eagle. Furthermore, we can see how many more Silver Eagles have been sold in November compared to last year. Tracking global cues, gold prices in domestic markets also edged lower. COLUMN-Funds place their bets on copper going into U.S. election: Andy Home Funds are betting on copper as a likely winner from the U.S. election.


According to a US oil and gas agency, commercial crude stocks in the country fell sharply by 8 million bbl in the week ending the 30th of October. A victory by Trump is viewed as bullish for oil because of sanctions on Iran and his support for Saudi-led OPEC oil cuts to support prices. If it gets past that, Northern will need improved oil prices for 2022 as it lacks hedges then and has an estimated break-even point of $44 WTI oil. Thus, it may be able to deliver $85 million in positive cash flow in 2021 at $40 WTI oil.
Brent crude futures, the global oil benchmark, rose 2.14 per cent to $40.56 per barrel.
India imports around 15 million tonnes of edible oil each year. A much larger-than-expected rise in stockpiles may weigh on oil prices, whereas a larger draw may result in the opposite. A Democratic sweep outcome may favor green energy over fossil fuels, whereas a Trump-win scenario may support oil prices to some extent. Crude oil prices rebounded to US$ 38.77 from a five-month low of US$ 34.60 seen earlier this week. Oil prices were also buoyed by a potential delay in production hikes among OPEC+ members as Russia and Saudi Arabia lead talks about plans to rein output.

United States

Nasdaq Futures are trading up by 253 points (up 2.2%), while Dow Futures are trading up by 57 points (up 0.2%). Vestas Shares Plunge as Risk of Trump Win Spooks Green Investors Investors weighed the impact of the U.S. election on the renewable energy sector. Some early data seems to support the notion that Trump could carry these key states as well. States including Pennsylvania, Michigan and Wisconsin – all key states taken from the Democrats by Trump in 2016 – are undecided so far but leaning Republican.
: the US Election result is very tight, and no outcome is yet clear and may not be today. Nasdaq 100 (NDX) stock futures triggered an exchange volatility halt after the market jumped 3.5% in under an hour. US stock futures are trading higher today, indicating a positive opening for Wall Street indices. Source: DailyFX In the near term, supply may continue to outpace demand as a second viral wave sweeps most parts of the EU and the US.
But in pumping so much money into the markets, the Fed has created distortions that we may have to live with for some time. The Fed, by providing more money to the financial markets, can generate a flow of funds that accelerates these companies going public.


David J. Merkel, CFA — 2010-present, I run my own equity asset management shop, called Aleph Investments. EU finance chiefs hold a second day of talks by videoconference focusing on anti-money-laundering measures and terrorist funding. That comes after nearly two weeks of intensified talks to salvage free trade between the 27-nation European Union and Britain from 2021. David Merkel is an investment professional, and like every investment professional, he makes mistakes.
European Union ministers last month backed a binding 2050 climate neutrality goal. Elsewhere, Brexit headlines appeared more optimistic with reports of progress being made.