Open: New York Session | Forex, Metals, Oil, Agriculture September 14, 2020

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


The volume is down due to a decline in corn sales, to 608,000 tonnes from around 1.9 million tonnes by the same date last season. A USDA report released Friday showed that export sales of soybeans to China totaled 1.608 million tonnes in the week ended Sept. 3, the latest reporting period. September’s US corn (CORN) output was placed at 14.9 billion bu with 178.5 bu. Weekly corn export sales to China were 1.137 million tonnes. Wheat imports for the month totalled 149,337 tonnes, up from 91,965 tonnes in July 2019, the figures show.
Raw sugar futures closed slightly up on Friday on ICE in a late recovery after hitting a 1-1/2 month low earlier in the session. Similar to corn, yields in the C. Midwest led by IA (-4 bu) and others (IL-2,OH-2,MI-3,NE-2,SD-2,MO-2 & KS2) were down this month. During that time, the United States and Brazil will discuss ways in which they can open up their respective ethanol, soy and corn markets, the statement said.
This month’s US soybean (SOYB) forecast also dropped 108 million bu. During that period, sugar prices rallied to a seven-month top.


Dollar indexThe dollar index gained by about 0.7 per cent last week as it closed at 93.33 versus the preceding week’s close of 92.72. Gold prices rose helped by a weaker dollar and expectations that the U.S. Federal Reserve will reiterate its dovish monetary policy stance this week. Gold prices rose helped by a weaker U.S. dollar and expectations that the U.S. Federal Reserve will reiterate its dovish monetary policy stance this week. The dollar value of foreign investments will be affected by changes in the exchange rates between the dollar and the currencies in which those investments are traded.
Minor losses were seen in the Canadian dollar (-0.86%) and the New Zealand dollar (-0.78%). The dollar edged lower and Treasuries were little changed ahead of this week’s Federal Reserve meeting.South Korea led regional gains with an advance of more than 1%. The trade-sensitive Australian Dollar followed commodity prices higher, as gold climbed above $1940/oz and crude oil clawed back lost ground.
The euro has been moving marginally higher as most euro crosses are trading in the red after last week’s gains. less A broad risk-on tilt was seen throughout the Asia-Pacific trading session, as the haven-associated Japanese Yen (FXY) and US Dollar (UDN) lost ground against their major counterparts. The rupee (INR) last week ended at 73.53, with a loss of 39 paise against the dollar (USD).


This is why GoldMining Inc. has created its own gold royalty company subsidiary, Gold Royalty Corp., which provides financing for its gold projects. This is very cheap compared to most senior-sized gold producers, the 2017 industry average cost of gold miners, and mid-tier producers. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. The world’s top gold miners are retrenching after COVID-19 related shutdowns despite record prices for the yellow metal, with cost-conscious executives prioritizing investor returns over production growth.
That left a lot of exploration gold companies putting their projects on hold looking for interested investors willing to put money into these projects. The risk exists that a precipitous fall in the gold price would make some of these projects uneconomic again. GoldMining Inc. smartly acquired good gold projects at a nice discount during the recent lengthy bear market.
While the projects collectively have a lot of gold ounce potential, building mines is not an easy or inexpensive proposition.
But more investment would need to occur to bring all of these hundreds of potential gold projects on-line. Risks include costs of mine building in multiple districts and a lower gold price.


However, as the first true Latin American independent oil company, which we believe to be the next major oil region, the company has significant long-term potential. At the same time, given the company’s EV, if oil prices remain at $40, the company’s share price can more than double in the next 7 years. The impact of oil prices on the company is the company’s largest risk over the coming years GeoPark has an impressive portfolio of assets that’s worth paying attention to.
Libyan oil exports have steadily fallen over the years on account of infighting and attacks on oil production, storage and export facilities. BP’s 2020 benchmark Energy Outlook underpins Chief Executive Bernard Looney’s new strategy to “reinvent” the 111-year old oil and gas company by shifting renewables and power. Oil consumption may never return to levels seen before the pandemic, the company said. Oil slipped amid concerns about a stalled global economic recovery and falling fuel demand.
The company is still anticipating roughly $90 million in FCF for the year; however, if prices dropped down towards $30/barrel, that would make the company have FCF near $0. An uncertain outlook for oil prices and expectations of a volatile close to the year could also prove a drag on the risk-sensitive currency. Oil slipped and Trafigura predicted things will get worse for the market before they get better as a glut returns and demand stagnates.

United States

Amazon announced on Monday that its planning to hire 100,000 new employees in the US and Canada on top of the 33,000 corporate new hires it announced last week. Tech stocks and energy names dragged all three major US stock indices into the red last week, with the Nasdaq Composite falling hardest, losing 4.1%. The Nasdaq last week suffered its biggest one-week decline since the market crisis of March. The Fed is expected this week to maintain its dovish stance on policy as investors look for signs the global economy is recovering from the pandemic.
According to The WSJ, the deal may not take the form of an outright sale, with Oracle instead set to become TikTok’s “trusted tech partner” in the US. The slump took the Nasdaq into correction territory on Tuesday, as the index has fallen more than 10% from its record high set less than a week earlier. Most European equity markets were lower, as the healthcare sector underperformed after U.S. President Donald Trump signed an executive order to lower drug prices in the United States.
AxiCorp’s chief market strategist Stephen Innes commented that the Fed might not make any policy changes and this might result in inflation. The New York Fed will release its new repo operations schedule. less The recent selloff in equities has come at a time of elevated Fed balance sheet, stabilizing earnings estimates and improving macro data.


President Xi Jinping holds virtual talks today with Chancellor Angela Merkel as Beijing seeks to keep Europe from aligning more closely with the U.S. on a variety of issues. Amid worsening disputes between Beijing and Washington, more than NT$1.1 trillion ($38 billion) of Taiwanese investment has returned to the island since January 2019. But Microsoft said on Sunday that the Beijing-based company had turned it down.


However, all eyes were on the sorry state of Brexit talks which intensified when UK Prime Minister Boris Johnson announced plans to break international law. Prime Minister Boris Johnson said on Saturday that a planned bill, which would breach a divorce treaty with the bloc, was needed to protect Britain’s integrity. In the U.K. Prime Minister Boris Johnson will put his plan to break international law to Parliament today. Meanwhile, the European Parliament has threatened to scupper any UK-EU trade deal if the bill becomes UK law.
EU President Ursula von der Leyen will set out her vision for the bloc in her first annual state of the union speech on Wednesday.
Germany, which counts on China for almost two-thirds of its pork exports outside of the EU, confirmed a case of African swine fever last week. less The rebels are back – despite having a large majority in parliament, Prime Minister Boris Johnson’s victory in passing a controversial Brexit-related bill is unclear. The EU has warned the UK it could face legal action if it does not ditch controversial elements of the Internal Market Bill by the end of the month.
What determines whether there will be a deal or not is the readiness of the EU to accept a compromise on state aid. The companies said sign-offs are needed from China, U.K., European Union and U.S. authorities and may take as long as 18 months.