Open: New York Session | Forex, Metals, Oil, Agriculture October 06, 2020



That included 8.7 million tonnes of wheat – around 50% of the volume permitted for exports this season – 2.9 million tonnes of barley, and 678,000 tonnes of corn. Russian wheat prices rise with global benchmarks -IKAR Russian wheat export prices rose last week in response to higher Chicago prices, the IKAR consultancy said on Monday. For the EU’s 27 member countries, the European Commission’s official forecast is for 2020/21 maize (corn) imports of 19 million tonnes against 18.4 million last season.
The U.S. corn crop was 25% harvested, the USDA said, just ahead of the five-year average of 24% but behind the average analyst estimate of 26%. Soft wheat exports to destinations outside the EU totalled 166,000 tonnes in September, the third month of the 2020/21 season, the Refinitiv loading data showed. MARKET NEWS Chicago soybean futures ticked higher for a second session, with strong demand underpinning prices, although gains were capped on rapidly progressing U.S. harvest.
But they believe the expected dry and warm week ahead will accelerate activity over the next several days, especially for soybeans. Raw sugar futures on ICE closed up on Monday on signs supplies will tighten and an upbeat sentiment in wider financial markets, while arabica coffee headed lower again. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


MARKET NEWS Gold prices dipped, as equities gained following U.S. President Donald Trump’s discharge from hospital after treatment for a coronavirus infection, though a softer dollar limited losses. The table has 26 strategies in addition to Buy and Hold and is sorted by SMH returns expressed as current value (9/2/20 close) of each dollar invested. A weaker Canadian dollar boosts exporters, creating the theoretical possibility of rebalancing the private sector away from housing.
Note that the return for SMH is virtually equal to both the median natural log and median current value of 1 dollar invested. The US dollar has been rather erratic as of late, and if it rallies it tends to work against the value of silver. After all, the US dollar has been rather erratic as of late, and if it rallies it tends to work against the value of silver. In dollar terms: each new banknote is worth about 23 cents, courtesy of the raging hyperinflation that has been sweeping the nation for the past 6 years.
A falling US Dollar, alongside uncertainties surrounding the US presidential election may continue to serve as positive catalysts in the near term. The risk that is normally of concern is that investors will shun the Canadian dollar, causing its value to fall. Any signs that more stimulus coming will boost risk appetite lifting riskier assets such as stocks whilst dragging on the US Dollar.


“We view gold at these prices as a good buying opportunity and, as evidenced by our 2021 year-end targets, expect higher gold prices.” Gold Prices vs. Gold prices are trading down by 0.7% at Rs 50,100 per 10 grams. Estimates of how much gold exists above-ground are all over the place, but most cluster around an amount that yields a value of about $10 trillion at current prices. 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.
I don’t have a total Silver Maple Leaf coin figure because the Royal Canadian Mint stopped providing updates since 2015 on the amount of Gold & Silver Maples sold. While this wasn’t the highest monthly amount this year, it was a record when we compare the Silver Eagle sales to Gold Eagles. As shown above, Sandstorm Gold broke out of a multi-year base earlier this year, and this pullback remains well above the breakout level near $7.00.
Similarly, silver prices are also trailing behind gold, challenging a resistance level at US$ 24.50.
From a long-term perspective, however, gold prices appeared to have entered a consolidation phase within a mega bull trend, with a major support level at around US$ 1,800. less Gold prices fluctuated at a key resistance level at US$ 1,910 after registering a decent gain on Monday.


Around 60% of the total cuts were in natural gas, with crude oil and natural gas liquids making up the rest, according to Reuters calculations. I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects. A strike by oil workers in Norway is also providing some support to oil prices, with more than 300,000 bpd of production shut. September imports are estimated by Refinitiv Oil Research to be 11.71 million barrels per day (bpd), the fifth straight month that arrivals have exceeded 11 million bpd.
My focus is in the financial markets, cyber-security, hacking, agriculture, natural gas, crude oil, geopolitics and alternative investments. These are lighter hydrocarbons in natural gas that are separated as liquids at natural gas processing plants. BHP said it had signed an agreement to acquire Hess’s entire stake in Shenzi oil and gas field in the Gulf of Mexico for $505 million.
For an energy company, in order to fuel volumes growth, it is essential to allocate massive funds to continuous exploration and development of oil & gas fields. Another is “condensate.” This refers to light liquid hydrocarbons that are recovered from natural gas that is often associated with the oil production. The deal will fold one of the world’s oldest independent producers into a private equity-backed group that will be the British North Sea’s largest oil and gas producer.

United States

Asian stock markets ended higher today tracking gains in US markets amid hopes of fresh stimulus in the US. There was optimism around President Trump’s recovery, prospects for that next round of US stimulus, and economic data that exceeded expectation around the globe. Benchmark indices edged higher today, tracking Asian peers which rose to two-week highs after US President Donald Trump was discharged from hospital following treatment for Covid-19.
Markets are trading positively as investors track stimulus developments and President Trump’s health along with upbeat German Factory orders. After a tumultuous weekend politically, stocks around the world started the week on a high as President Trump left the hospital. President Trump was reported to have been discharged from the hospital, though his health condition was closely scrutinized by market participants. As we see Norges Bank hiking rates well before the Fed, NOK rates ought to be higher than in USD (like we saw over the summer).
We identify several risk events like the US elections, Brexit, Covid lockdown measures, while speculative players are already aggressively positioned for higher rates. Since the pandemic began, headline stock indexes in the US are roughly flat but have been supported by gains in a narrow group of the biggest technology companies. In addition to Trump’s health, the markets attention is also firmly on the prospects of additional US stimulus.


The new guidelines should be enacted at the upcoming Fifth Plenum of the Nineteenth Communist Party Congress that will be held from October 26 to 29 in Beijing.


The deadline for a formal U.K.-EU trade deal is 2020 year-end, while risks remain beyond 2020 (especially for the U.K. in the event that no formal agreement is found). The disruption of a no deal Brexit would be considerable, whilst a drop sterling could push up the price of imported goods. ECB President Christine Lagarde warned earlier that while virus containment measures pose a clear risk to the recovery, her biggest fear is a sudden end to fiscal support.
One might argue that the SNB could instead wait until business uncertainty falls (post-Brexit, post COVID-19, etc. This kind of excess liquidity will continue to rise at a steady pace due to the ECB’s asset purchases if the ECB does not hike the tiering multiplier.
Brexit headlines and a speech by ECB President Christine Lagarde could drive the somewhat subdued FX markets. The EU must know that Afkari, like many other political prisoners and those who participated in previous peaceful protests, was brutally tortured. Concerns around Covid-19 and Brexit have not suppressed demand, and consumers in the U.K. have fundamentally changed the way they shop.
Threats such as Brexit and COVID-19 have strengthened the demand for safe havens like CHF. Meanwhile, in Europe, Brexit was still a source of uncertainty by quarter end.