Open: New York Session | Forex, Metals, Oil, Agriculture October 23, 2020

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


While the wheat market paused following its recent surge, the rally in corn and soybeans extended further on concerns about global production at a time of strong demand. MARKET NEWS U.S. wheat futures gained as traders worried expected rains across key producing regions would be insufficient to ease the threat of reduced output. Corn, soybean and sugar prices have been sizzling of late, yet coffee has been in the doldrums. On the demand side, the latest S&D Coffee and Tea Market Report observed signs of increased consumption, as U.S. commercial stocks have recently declined.
France is the main wheat supplier to Algeria, and it is the top export market for French wheat. Earlier this week, wheat futures reached the highest since December 2014.Next year is frightening us beyond imagination, WFP Executive Director David Beasley said in an interview. The following graph illustrates just how much coffee (green line) has lagged the other major “softs” this fall, putting into context traders’ growing frustrations.
We’re not there yet, though, so no new long positions are currently recommended in coffee futures or coffee-tracking ETFs. Indeed, La Niña is threatening even more bad weather in the coming months, which is hardly conducive for productive coffee flower development. Those bookings have translated to a record shipment pace for soybeans, but corn has yet to turn out the drastically larger export volumes.


London copper prices declined as investors’ caution ahead of the U.S. presidential election fuelled support for the dollar, making greenback-priced metals more expensive for buyers using other currencies. MARKET NEWS Gold held steady as expectations that a U.S. stimulus package would eventually be passed offset pressure from a stronger dollar. A continuation of this trend can positively impact the domestic currency.Dollar indexThe dollar index closed with a marginal gain yesterday following a sharp fall in the preceding trading sessions.
Sponsored Offers The rupee depreciated 7 paise to close at 73.61 (provisional) against the US dollar on Friday even as the domestic equity market was trading with significant gains. According to forex dealers, positive sentiment in the domestic equity market and weakness in US dollar overseas restricted the rupee’s fall. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.21 per cent lower at 92.75.
Individuals and businesses in stress have financial survival in mind and stretch every dollar spent to receive the highest value possible. This will in turn help the global economy reflate as it will ease financial conditions elsewhere, especially in EM countries with plenty of dollar debt. Zimbabwe’s dollar gained for a second month, showing some stability after plunging since being reintroduced 18 months ago, thanks partly to weekly auctions.
The WSJ Dollar Index, which measures the currency against a basket of others, slipped 0.1%.


(Source: Sabina Gold & Silver) It’s an advanced high-grade gold project, there’s been very little progress over the past five years. (Source: Sabina Gold & Silver) Looking at the key financial figures from the feasibility study, I think the main issue for this project is the high initial capex. If you look at the image above, the curved dashed line (in gold) deviates from the dashed line which would be a passive investment in an index. ), ρn and Vn are the mass concentration and market value of the nth component in the list, respectively, and V Au is the market value of gold.
Sabina has a good advanced gold project in Canada but it’s hard to estimate how much it’s worth as the feasibility study is old.
Near-month gold prices witnessed their first weekly decline in three. In Q3 2020, it processed 201,812 tonnes at an average grade of 1.03 g/t and produced 6,334 ounces of gold. But in the middle, you can see that the gold line drops below the black line. S&P 500 futures are pointing to a small rise at the open, the 10-year Treasury yield was at 0.855% and gold was higher.
Output, which is not seasonally-adjusted, declined to 6.49 million tonnes in the world’s No.3 steel producer, but it increased 0.6% from August, marking a third straight month-to-month rise.


The comments could be merely jawboning to a market that is desperately seeking reassurances that oil production will not ramp up too quickly beyond demand. At HFI Research Natural Gas, we give you guidance on natural gas fundamentals, weather, and set-ups to help you navigate the dangerous natural gas market. Crude oil futures still trade around a third lower than levels at the start of the year. Biden’s stark remarks on the oil and gas industry could perhaps provide some headwinds for him in swing states such as Pennsylvania, Ohio and Texas.
BEFORE THE BELL Futures for Canada s main stock index were up, as oil edged higher on the prospect of an extension to OPEC-led supply curbs. The oil market may take some interest in the Baker Hughes rig count at 1:00 p.m. as the shale industry is having a big outbreak of M&A. According to the IEA, Russia produced around 10.3 million bpd of oil in September, although its output dropped to below 10 million bpd in July.
Oil edged higher on the prospect of an extension to OPEC-led supply curbs. Fuel oil inventories jumped by 266,000 mt to 1.48 million mt. Also, Bidens very aggressive rhetoric towards the oil industry during the debate on Climate Change was interesting.

United States

The last debate ahead of the Nov.3 contest saw a restrained Trump and Biden discuss a range of topics, including the economy, the coronavirus pandemic and climate change. In a relatively civil debate following a turbulent first faceoff, President Trump and former Vice President Joe Biden traded some barbs last night over the economy. A vaccine could be another way for Trump to regain momentum in the presidential race, since he is still far behind in nationwide polling.
Investors looked past the final presidential debate, in which President Trump and Democrat candidate Joe Biden offered differing views of the administration’s handling of coronavirus. The second and final US presidential debate was far more civil than the first and many declared Trump a marginal winner. Virus Democratic presidential nominee Joe Biden attacked President Donald Trump for his handling of the pandemic in last night’s debate. Right?The Fed s path forward is key to another debate bubbling in financial markets: is the classic 60% stocks, 40% fixed-income strategy dead?
Finally, The stock posted strong guidance recently and the market got all hyped about both UPS and FDX.
The fact LAS has entered more significantly into the US market shows management isn’t afraid of competing, but this confidence could penalize them if it proves to be arrogance. The big dark horse ahead of the debate was whether Trump had a “smoking gun” from Hunter Bidens laptop that Rudy Giuliani allegedly holds a copy of.


U.S. solar group shuns China’s Xinjiang.


The success of this bond deal shows the EU can easily raise money to help support the economy. Maybe-but most benchmark issuers issue bonds on a regular basis, whereas the EU issues bonds in response to programs. The EU is only planning on issuing large amounts of debt over the next four to five years, but if successful, this approach could be considered longer term. An EU confidence survey yesterday and the UK GfK Consumer Confidence survey out overnight showed confidence dipping in October, likely on the ugly resurgence of Covid-19 numbers.
“3 Will the new EU debt become the benchmark bond for Europe? In addition, funds from the €750 billion (US$858 billion) EU rescue plan are forthcoming. After all this issuance, the EU will become the fifth-largest bond market in Europe behind Germany, France, Italy and Spain. At this time, the European Union adopted a policy of promoting the free flow of goods, services, capital and people among its members.
His grim outlook contrasts with Prime Minister Boris Johnson s willingness to risk a no-deal split with the European Union to defend British fishing. It may be that China will be happy to let USD/CNY drop as long as EUR/USD rises, the latter of which the ECB will or should try to fight.