Open: New York Session | Forex, Metals, Oil, Agriculture September 21, 2020

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


Previous week corn price forecast Difference between supply and demand shows overbought market and the fair price at the level $350. Previous week soybean price forecast Difference between supply and demand showing overbought market and the fair price between the levels $930 – $1000. Jaundice spread by aphids, which have proliferated during warm weather, have caused severe damage to sugar beet fields in parts of France, the European Union’s largest sugar producer.
Negative soybean conditions for this year pushing price up, but for further uptrend above $1060 we do not have such negative conditions as minimum till the next WASDE report. Black Sea wheat from Russia and Ukraine is not banned in Algeria, but the country’s strict insect damage limit has effectively ruled it out from purchase tenders. Bad corn conditions for this year can push prices up and it can reach the $390 level, but after this has more potential for downtrend back to $350.
They are Soybeans (19.62%), Sugar #11 (15.01%), Corn (14.69%) and Live Cattle (7.80%). Sugar prices extended a steady trend on Monday. The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,280 – 3,352 and M-grade 3,372 – 3,502.


The company has substantial storage facilities (10 million barrels worth ~$60 million / year due to the demand for storage versus the billion dollar market capitalization). Revenues rose 30% last year to $149 million yet operating losses rose to $95 million as losses rose quicker in dollar terms than topline sales. BL Research BureauThe rupee (INR) wrapped up last week with a marginal gain at 73.45 versus the previous week’s close of 73.53 against the dollar (USD).
After accounting for $72 million interest expense, net earnings came in at $79 million or less than half a dollar per share. If D&A is excluded, I peg normalized funds from operations are around $165 million, just over a dollar per share, for an earnings yield just over 6%. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.16 per cent to 92.77. The Dollar Index is now down on the week, having started positively, following a two-week rebound.
Theoretically, this should help to maintain the appetite for non-interest-bearing commodities, like gold and silver.Crucially for silver and other buck-denominated metals, the US dollar seems to have resumed lower. On Friday, the rupee strengthened by 21 paise to close at more than one-week high of 73.45 against the US dollar. In currency markets, the dollar fell against the Japanese yen on safe-haven bets.


INSIGHT-‘Free money’ for banks as investors pile into fractured gold market Banks are making huge profits from gold as investors flood into a market fractured by the coronavirus crisis. Also, the U.S. Commodities Futures Trading Commission reported that gold speculators increased their long positions in COMEX gold to 165,251 contracts for the week that ended on September 15. Wheaton has streaming deals with 17 mining companies including Vale, Glencore, and Barrick Gold, which supply metals including gold, silver and cobalt.
Therefore, more gold investors may consider platinum as a proxy for gold, as the correlation mentioned at the start of the article would suggest. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. If this happens the gold market will crush our already bullish gold forecast for 2021. Meanwhile, as mentioned, some commodity prices have resumed higher this week, suggesting that gold and silver could follow suit.
Despite higher global rates, domestic gold and silver prices edged lower today.
This year he has dumped stocks, airlines and other US stocks in favor of buying stakes in Japanese trading houses, and Barrick Gold. Gold prices slipped and oil prices fell, weakened by a possible return of Libyan production.


It also led to a lack of demand for oil, making it difficult for shale oil plays to make money. Natural gas itself is likely to deliver much stronger growth than oil, so it is nice to see that the company recognizes this and is responding appropriately. Oil services firms must maintain ample liquidity in case oil markets continue to falter. The agency expects natural gas demand growth to continue to outpace either oil or coal. Saudi’s oil minister went on to threaten that “those who gamble on the oil price will be hurt like hell”.
In 2018 alone, the global demand for natural gas increased by 4.6%, which accounted for about half of the growth in energy demand that the world experienced that year. Therefore, by developing these giant natural gas fields, Eni is positioning itself to take advantage of this expected demand growth and thus support the firm’s overall growth story. It could worsen until the economy reopens and demand for oil drives prices higher.
The specific problems of the jet market explain why refinery margins for closely related distillates such as diesel are currently being hit much harder than benchmark oil prices. Currently, management expects the company to produce an average of 1.73-1.76 million barrels of oil equivalents per day this year.

United States

The company will pay $7.1 billion in cash and stock to buy cancer test startup Grail, the Wall Street Journal reported, citing people familiar with the matter. Trump said the business agreed to donate $5 billion to an educational fund, but ByteDance said it first heard about the education fund payment from news reports. On Saturday, Trump said he supported a deal in principle that would allow TikTok to continue to operate in the United States. We have also seen a simultaneous decline in real interest rates as Fed policy has become increasingly short-termist.
President Donald Trump is expected to nominate a replacement this week, and has said he will likely select a woman. For example, consider this trading approach: Using this strategy on the Nasdaq 100 (NASDAQ:QQQ) over the past 20 years, for example, would have been very successful. It’s also worth noting that the USD and GBP short ends are discounting lower Fed funds and SONIA rates, with the latter priced to fall into negative readings.
Nasdaq Futures are trading down by 73 points (down 0.7%), while Dow Jones Industrial Average Futures are trading down by 190 points (down 0.6%). Nasdaq Futures are trading down by 202 points (down 1.9%), while Dow Futures are trading down by 190 points (down 0.7%). A few quarters later, shares continue to lag the NASDAQ index as seen below, so perhaps it is time for a major shakeup.


Radical activists say staying on would legitimize Beijing s decision, while moderates fear surrendering their biggest platform. Beijing has also engaged in “scenario-based” exercises that seemed to have mock attacks on Taiwan.


EU antitrust regulators will decide by Oct. 26 whether to clear French luxury goods giant LVMH’s $16 billion acquisition of U.S. jeweler Tiffany, according to a European Commission filing. FOMC, ECB, BOE OIS forwards €STR as well as one-week and one-month Euribor fixings have been below the Eurosystem/ECB deposit facility rate (DFR) for a long time. The EU executive can either clear the deal with or without concessions or it can open a four-month long investigation if it has serious concerns.
More chances exist of movements in the Pound or the Yen amid the vol around the EU-UK trade talks and stocks.
Yes, we acknowledge that the likelihood of an ECB rate cut has increased, but it’s not our main scenario. It comes after Prime Minister Boris Johnson confirmed the country is undergoing an of infections on Friday. Play Bloomberg s Brexit Trade Game.