Open: New York Session | Forex, Metals, Oil, Agriculture October 05, 2020



drop in corn’s projected ending/beginning stocks relates to about a 3 bu yield reduction in corn’s 2020/21 yield level without changing October’s yield forecast on Friday. less For the second year in a row, the USDA’s final corn (CORN) and soybean (SOYB) stocks were dramatically lower than expected. MARKET NEWS Chicago corn futures slid for a second session with prices coming under pressure on expectations of a weekly U.S. report showing rapid harvest progress.
The weather event, which is set to run until February, will bring more humidity, less sunshine, a fall in average temperatures and cause a drop in coffee producers’ productivity. Overall, these lower stocks have likely changed both corn and soybeans 2020/21 total supplies from excessive to adequate at best. The firm estimated U.S. corn production at 14.812 billion bushels, compared with its Sept. 4 figure of 14.961 billion. Russia, one of the world’s top wheat exporters, applied a grain export quota mechanism in April-June to ensure domestic supplies during the COVID-19 pandemic.
Soybeans’ 52 million smaller old-crop stocks to 523 million bu.


This scenario is even more likely if the euro bounces around 1.20 against the dollar, a threshold from which many policymakers spoke in an attempt to contain upward pressures. We also look at whether the US treasury market is signaling inflation worries and speculative positioning there, developments in Facebook, key commodities, the US dollar and more. It’s a big week for the Australian dollar as a raft of different economic news announcements is set to stream across traders’ desks this week.
The dollar may still rise if the president remains under medical supervision for another night. Now that we have the election, and a whole host of other issues like riots and a strengthening US dollar. The Yen is the exception here, tracking lower against the Dollar, though this is to be expected given traditional risk correlations. Gold and the dollar were little changed. Gold and the U.S. dollar were little changed. A has started in key asset classes like the Euro, stocks, and commodities amidst several bearish divergences and overstretched valuations.
Eurostat said it estimates that over 15.6 million people in the EU and around 13.2 million in the euro area were unemployed in August.


The national copper commission Cochilco said that output at Codelco, the world’s largest copper miner, inched up 0.1% year-on-year to 154,800 tonnes for the month. On the technical front, Reuters’ technical analyst predicted that spot gold prices might break the support price level at $1,896 an ounce and slide to $1,877. The recovery in both automobile and white goods sectors have helped steel companies push HRC prices above the pre-Covid level of ₹ 42,000 a tonne.
The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Gold prices are trading down by 0.3% at Rs 50,300 per 10 grams. Gold prices are trading up by 0.3% at Rs 50,300 per 10 grams. The Nikkei business daily reported on Saturday that Nippon Steel is considering resuming operations at Kimitsu blast furnace this year to reflect improving demand. Also, the holdings of the largest gold-backed exchange-traded fund in the world SPDR Gold Trust dropped to 1,275.60 tons last Friday, which reflects market sentiments.
Japan’s biggest copper supplier Pan Pacific Copper (PPC), No.2 smelter Sumitomo Metal Mining and Furukawa Co Ltd have plans for higher output from October to March.
Spot gold is currently trading at $1,897.58 per ounce as of 0854 GMT.


As tension between worker unions and Norwegian oil companies escalate, the Norwegian Oil and Gas Association(NOG) estimates that nearly 330,000 boepd(oil equivalent) of production could be halted. This is a significant advantage, as the natural decline of oil and gas fields is a strong headwind for all the oil majors. Oil was also supported by an escalating workers strike in Norway which has already shut four of Equinor s offshore field and put two more oil fields at risk.
Saudi oil exports usually rise after the hot summer months, when increased use of crude for power generation restricts oil shipments. Saudi seaborne crude exports for last week were seen at 43.5 million bbl (6.2 million bpd) compared to the revised 38.0 million bbl (5.4 million bpd) the week prior. Executive Chairman Harold Hamm acquired 769,235 shares of this crude oil and natural gas company, paying $12.68 per share, for a total amount of $9.75 million. The world’s top oil exporter pumped 8.988 million bpd and exported 6 million bpd in August, the source said.
Two more fields operated by Neptune Energy and Wintershall Dea also face likely shutdowns on Monday because of the strike, the Norwegian Oil and Gas Association (NOG) has said. Due to the unfavorable oil and gas prices, Exxon Mobil, Chevron, Shell and BP saw their adjusted earnings per share decrease 50%, 20%, 30% and 21%, respectively. Overall, Total is by far the most resilient oil major and has proved its superior resilience in the last three downturns, i.e., in 2014-2016, in 2019 and this year.

United States

less Asian markets climbed overnight to start the week on the front foot after reports that President Trump could leave hospital as early as today. BEFORE THE BELL U.S. stock index futures bounced as doctors said President Donald Trump could be discharged from the hospital where he is being treated for COVID-19. U.S. stock index futures bounced as doctors said President Donald Trump could be discharged from the hospital where he is being treated for COVID-19.
Dip buyers showed up at 7 a.m. Tokyo market open after Trump’s doctors said he’s doing well and could be discharged as soon as Monday. —as investors cheered signs that political uncertainty may ebb following reports of President Trump’s improving health condition. The market closed up for the first week in a month at 3348 in spite of Friday’s 1% fall on news of President Trump’s Covid-19 diagnosis. US stock futures are trading higher today, indicating a positive start for Wall Street indices.
The recovery in prices are more on the back of positive comments of recovery from the doctors of the US president who is expected to be discharged today. But some experts not involved in the president’s treatment said Trump’s condition could be severe as evidenced by the use of dexamethasone on him. Investors for years could chase returns and guard against economic ups and downs by putting 60% of their funds in stocks and 40% in bonds.


The company provides care through 7 hospitals and associated clinics across eight metropolitan areas, including Beijing and Shanghai.


U.K. Prime Minister Boris Johnson warned of a “tough winter” as the country’s test-and-trace system came under fire again after it failed to capture 15,000 positive tests last week. The European Union and Britain have seen production of rapeseed, their most common oilseed crop, wane in the past two years due to adverse weather and insect problems. The bank said that while a breakdown of talks cannot be ruled out, their core view is of a bare-bones EU/UK trade deal to be agreed by early November.
An accord on future EU-UK relations may come around Halloween – the new deadline for concluding talks.
Merkel said she wants to avoid a full national lockdown as infection numbers are rising again in Europe’s largest economy. Now on headline inflation, ECB staff projections had +0.1% in Q3-20 (vs -0.02% realised) and -0.2% in Q4, which is likely to be revised lower as well. ), the ECB should be tempted to take new measures in order to limit deflationary risks in the short term. Prime Minister Boris Johnson is warning of a hard winter ahead.Strained relations | President Vladimir Putin doesn t respond well to others meddling in Russia s former Soviet backyard.
Prime Minister Boris Johnson and European Commission President Ursula von der Leyen held a conference call on Saturday, agreeing to extend negotiations, thus boosting the pound. Concretely, the ECB could review its inflation target or increase the size of its asset purchases program.