Open: New York Session | Forex, Metals, Oil, Agriculture September 28, 2020



Uptrend scenario An uptrend will start as soon, as the corn market rises above resistance level 375, which will be followed by moving up to resistance level 390. Downtrend scenario The downtrend may be expected to continue, while the corn market is trading below resistance level 321, which will be followed by reaching support level 262. Downtrend scenario A downtrend will start as soon, as the soybean market drops below support level 854, which will be followed by moving down to support level 816.
MARKET NEWS Chicago soybeans and corn futures ticked higher, with dry weather in key producers Brazil and Argentina underpinning prices, although pressure from U.S. harvest curbed gains. Raw sugar prices closed up on Friday, in sight of this week’s one-month high, with a lack of producer selling clearing the way for funds to push prices higher. Pandemic stay-at-home measures reduced sugar use globally.


Dollar index The dollar index has been trending upwards since it took support at around 91.5 in late August. The US dollar had been oversold, so the fact that we shot straight up in the air in the US Dollar Index should not be a huge surprise. Still, the yuan has swung far less this year than freely traded currencies like the Australian dollar or British pound. This month the yuan rallied below 6.8 a dollar to hit its strongest levels since May 2019. Risk-on trading is boosting demand for equities, whilst the safe-haven US Dollar slips away from its 2 month high.
The US Dollar and the Japanese Yen were the clear winners last week, while the Oceanic currencies and Gold were decimated. Miners are trading higher on the back of the upbeat data in addition to the weaker US Dollar lifting commodity prices. Another batch of actively traded bonds was bid around 82 cents on the dollar. That being said, it is the US dollar that still looks like it could be a bit strong.
You need to pay attention to the US Dollar Index, because if it falls apart, that could help silver.


The easiest way for mid-tier and major gold producers to increase their production is trucking ore from these higher-grade gold projects to increase their average feed grade. Therefore, Bellevue Gold has a target on its back for mid-tier and major gold producers looking to scoop up high-grade ounces in the #1 mining jurisdiction worldwide (Australia). This article compares valuations among the Australian gold juniors currently and shines a light on which names are stand-outs from a grade and resource size standpoint.
The largest U.S. producer of iron ore pellets has agreed to buy the U.S. assets of the world’s largest steelmaker ArcelorMittal for about $1.4 billion in cash and shares. 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. Gold prices are trading down by 0.5% at Rs 49,408 per 10 grams. Gold prices are trading down by 0.6% at Rs 49,360 per 10 grams.
Therefore, for investors looking for world-class projects, Musgrave Minerals, Bellevue Gold, and De Grey Mining are three names to watch closely on the Australian Stock Exchange [ASX]. S&P 500 futures pointed to a jump at the open, the 10-year Treasury yield was at 0.669% and gold was near $1850 an ounce. In my newest YouTube video update, Silver Update Setting Up For Big Move In 2021, I explain what is taking place in the silver market and price.


This means that more than 90% of the company’s oil production for H2-2020 is covered with crude oil hedges, as per my estimate. Saudi seaborne crude exports for last week were seen at 40.5 million bbl (5.8 million bpd) compared to the revised 47.5 million bbl (6.8 million bpd) the week prior. Crude oil prices have fallen three of the last four weeks on a lack of visibility on short-term demand and are starting off the new week a bit soft. Furthermore, a large debt load makes it difficult for the company to stand firm in tough scenarios with oil prices staying below $35 per barrel for an extended period.
Therefore, I think the company’s cash flows likely won’t decline sharply, even if oil prices crash again in 2020.
If infections continue to surge, then it could force governments around the world to adopt a wave of new travel restrictions, hurting oil demand, and pushing prices lower. The deal talks show how consolidation in the oil and gas industry is picking up, as low energy prices drive some independent producers to seek scale through mergers. I think the company is well prepared to face the high-$30s to low-$40 a barrel oil prices.
But (NYSE:DVN) can still generate free cash flows with oil currently trading slightly below $40 per barrel. Factoring in subdued crude oil prices, S&P Global Ratings estimated that Gulf Cooperation Council central government deficits will soar to $490B cumulatively between 2020 and 2023.

United States

BEFORE THE BELL Wall Street futures rose as hopes of a global economic recovery were supported by data showing continued growth in China’s factory activity. Wall Street futures rose as hopes of a global economic recovery were supported by data showing continued growth in China’s factory activity. Nasdaq Futures are trading up by 66 points (up 0.6%), while Dow Futures are trading up by 195 points (up 0.7%). Nasdaq Futures are trading up by 137 points (up 1.3%), while Dow Futures are trading up by 259 points (up 1%).
Later on Friday, US labour market data is also due (last before the US election). After plunging in the first quarter due to high provision expense and losses on trading securities, earnings of Northfield Bancorp, Inc. (NASDAQ: NFBK) recovered in the second quarter. Benchmark indices traded on a bullish note today, amid positive global equities as hopes of the US government to announce a stimulus package cheered investors. In the futures market, non-commercials were net long 8,632 contracts in Nasdaq 100 index (mini) futures in the week to September 1.
US stock futures are trading higher, indicating a positive opening for Wall Street indices. Nasdaq-listed drugmaker Zai Lab Ltd. on Monday began trading on the Hong Kong stock exchange after the Shanghai-based company recently raised $766 million for a secondary listing.


The Beijing-based company said it operates China’s largest online retail pharmacy by revenue, and provides health-related services including online consultations with doctors and medical-appointment scheduling. Beijing maintains a tight grip on the currency through capital controls, intervention via state banks, and through the narrow daily range that it sets for onshore trading. Flying Cars and Masks at Beijing Auto Show Thousands thronged the only major automotive show in the world this year.
China s Carbon Target Moves Big Economies Into Radical Consensus Can bold goals from Beijing to California keep hope alive for a 1.5 C future?


The clock is ticking towards the British government’s self-imposed deadline of 15th October so Brexit headlines will take on even more importance than before. In the absence of any high impacting UK data today, all eyes will be on Brexit headlines as Michael Gove meets with European Commission Vice President Maros Sefcovic. The emergence of the European Union’s single market created another sphere of influence in the world, albeit regional. Drosten, whose subsequent role advising Merkel s pandemic response has sparked comparisons to Anthony Fauci in the U.S., sprang into action.
The Pound is starting the week on the front foot amid mildly improving Brexit sentiment.
Coming up…European Central Bank president Christine Lagarde gives testimony to the European Parliament at 9:45 a.m. where she is expected to call for more fiscal stimulus. Meanwhile, to his credit, French President Emmanuel Macron has been defending Charlie Hebdo’s right to freedom of expression. However, the fact that the EU hasn’t broken away from negotiations yet is encouraging. Most were American, but some were based in the EU and Britain.