Open: New York Session | Forex, Metals, Oil, Agriculture September 18, 2020

The setting of the volumes came as Chinese buyers have been ramping up large volumes of corn imports from the United States, and increased imports of wheat. The grain, which is the country’s main cash crop, competes with corn for planting area in Argentina late in the year. Cocoa Votes | The world’s top cocoa producers are considering boosting what they pay growers, hoping it may sway voters in upcoming elections. MARKET NEWS Chicago soybeans were on track for a sixth weekly gain, climbing to their highest in almost 28 months with support from strong demand in top buyer China.
An New York police union leader seemed to show his support with a Q coffee mug.The tech platforms have begun taking QAnon on directly. Corn planting starts in September, soy in October. Soy vs corn? A cocoa producer in Ivory Coast.

A faster pace of reopening in Canada may have boosted Canada’s dollar vs. the U.S. dollar since March. The rupee strengthened by 33 paise to 73.33 against the US dollar in opening trade on Friday as weak American currency and positive domestic equities buoyed investor sentiment. “This is dovish – lower rates for longer, higher equities, weaker dollar,” says Jon Hill, senior fixed income strategist at BMO. The world’s most popular currency pair has been recovering as the dollar pares some of its gains related to the last decision by the before the elections.
It could push Democrats and Republicans to agree on a new and generous relief package that could boost the economy and weigh on the safe-haven dollar. All this tells me is that silver is trading on one thing and one thing only: the US dollar. Stocks are trading right around where we were when things got going on Monday, while currencies remain confined to familiar ranges against the US Dollar.
It requires rules and risk management along with the ability to adapt to changing market conditions.” less Why are there still outstanding dollar swap balances? Elsewhere, the US dollar rally has faded very quickly and sterling is caught in the crossfire of positive and negative developments as key pivot levels come into view. On the other hand, more selling by them can weigh on the rupee.Dollar indexThe dollar index declined yesterday and closed lower at 92.9 against the previous close of 93.2.

Source: Australian Financial Review Relatively robust steel prices and a lack of significant inventory build despite record-high run rates support a story of strong demand recovery. Meanwhile, the rising iron ore price provides support for steel prices. That is a move that could see an increased switch for more environmentally-friendly electric arc furnace steel production, thus undermining increasing iron ore demand. According to the Australian Financial Review, JPMorgan (NYSE:JPM) forecasts iron ore prices will trade at U.S. $105 per metric ton in 2021.
Source: Australian Financial Review The recovery in iron ore prices has been impressive. Tonnes of gold produced by subsistence or “artisanal” miners in the Congo gets smuggled into the global market through its eastern neighbours while the country’s official exports are tiny. Gold prices gained on lingering concerns over an economic recovery. The inquiry is investigating Rio Tinto’s legal detonation in May of sacred and historically significant rockshelters for an iron ore mine at Juukan Gorge in Western Australia’s Pilbara region.
Gold prices are trading up by 0.2% at Rs 51,550 per 10 grams. Gold prices are trading up by 0.3% at Rs 51,605 per 10 grams.

The rise in U.S. oil production has made the country far less reliant on oil imports, but the country is still a net importer of crude oil. Shipments of light cycle oil (LCO) and mixed aromatics have added to China’s gasoline and diesel stocks, which have swelled recently due to record volumes of crude oil processing. The company announced a big strategic pivot last month that would see it turn from an integrated oil company to an integrated energy company. 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.
Oil companies have been impacted by the pandemic and low oil prices in 2020.
Poor distillate consumption and margins are weighing on refiners demand for crude, in turn hampering efforts by OPEC+ to rebalance the oil market and push crude prices higher. BP Plc is probably the first oil major that has made concrete plans for the end of oil or at least the shrinking of its role. The company’s projections for 2021 have it generating $18 million in positive cash flow at $44 WTI oil, including the effect of hedges and credit facility interest costs.
Reducing Lonestar’s annual interest costs by $28 million should reduce its unhedged breakeven point (maintaining production levels) to mid-$40s WTI oil, making it fairly competitive. (Source: Lonestar Resources) Another way to look at it is that the company’s 2021 unhedged EBITDAX would be around $87 million at $44 WTI oil.

The Fed s statement provided only vague clues as to how long rates would remain on hold: until inflation runs moderately above 2 percent for some time. The question is whether keeping the Fed funds target rate near zero for years will lift inflation any time soon? “Starting next week my administration is committing an additional $13B in relief to help farmers recover from the China virus,” President Trump announced a campaign rally in Mosinee, Wisconsin.
Judging by the new economic projections released by the Fed, rates will remain on hold for several years. UPS said last week it would hire more than 100,000 workers for the winter holiday season, as delivery networks are taxed by pandemic-fueled online shopping. It’s not obvious that conditions are about to change simply because the Fed announced it would keep rates lower for longer. Asked by CNN if he would campaign for Trump, Branstad said he would, if asked. Reports from late last night suggested that Beijing would be comfortable with the TikTok-Oracle-White House deal, so long as TikTok’s content-recommendation algorithm isn’t transferred to the US.
The current Nasdaq weakness I referred to earlier can be seen in the 4-week rate of change (momentum) of the new 52-week highs and lows. If passed, the amount of bonuses Wall Street receives on a per annum basis could be significantly reduced from the roughly $30 billion set aside each year.

Beijing knows exactly what would happen if they return to Xinjiang, as much as Moscow knows what would happen if Chechen jihadis return to the Caucasus. The Atlanticist establishment has unleashed a ferocious, no holds barred campaign to shape the narrative that Beijing is conducting no less than cultural genocide in Xinjiang. While Beijing has asserted its right to block the sale of critical technologies, asking not to be identified discussing a private deal.
The mini video-summit took place as the trade war unleashed by Washington against Beijing has reached Cold War 2.0 proportions. If this report is accurate, ByteDance founder Zhang Yiminghas must simply retain control of TikTok’s core algorithm, and Beijing will sign off. Thus the official EU demand this Monday – unreported in Chinese media: allow us to send “independent observers” to Xinjiang. The biggest downside risk comes from PBoC interventions aiming to mitigate hot money inflows. The PBOC has asked banks to sacrifice USD$212 billion in profits in 2020 to finance affordable loans to companies.
Beijing’s aim is the property market should be about having a place to live, not a speculative investment opportunity.
Beijing says it supports the $18 billion Covax initiative but hasn t revealed whether it will fund it.

He threatened to veto a transatlantic trade deal if Prime Minister Boris Johnson breaks his Brexit deal with the EU. Whether or not Boris Johnson gets a trade deal with the bloc, full customs checks will be imposed. Getting border checks right will be vital for businesses when Britain leaves the European Union s single market at the end of this year. The deal, for all 27 EU countries, covers the purchase of 300 million doses. In a research note published Thursday, the team offered a glimpse of what UK-EU trade under WTO terms would look like.
But this latest nasty turn in Brexit may force his hand in a decision that could define his legacy, and not necessarily in a good way. The EU seems to be putting an emphasis on their past relationship, but the United Kingdom wants to exercise its sovereign rights. Another major risk facing the U.K. economy relates to the post-Brexit trade discussions between the U.K. and the EU, which have recently soured.
Source: SocGen That leaves odds of ‘No Deal’ at 80%, the highest they’ve been during the yearslong trudge toward an EU exit for the UK. The sloppy poisoning of Alexey Navalny turns Merkel against Putin.Europe’s stuck-in-a-rut stock market could be there all year.Currency that never gains gets central bank lifeline.