December 11, 2019
Yesterday’s USDA report lived up to the expectations, a total snoozer. The USDA left US carryout unchanged at 1.910 billion bushels. The only noticeable change came in an increase in world carryout, 295.5mt to 300.5mt, this came on the back of a 6.7 mb increase of Chinese corn production.
December 11, 2019
December 10, 2019
Major U.S benchmarks have pulled back as much as 1% amid a healthy consolidation in front of a gauntlet of events. U.S and China trade relations are the underlying catalyst but there are a number of themes from Wednesday’s Fed meeting to economic data and drama in Washington that have kept Friday’s post Nonfarm rally in check.
December 10, 2019
December 10, 2019
December 9, 2019
It’s just your typical Monday. Taking things from the top, China reportedly wants to get a trade deal worked out as soon as possible; there is some M&A buzz in the biotech space with ArQule (ARQL) and Synthorx (THOR) being taken out at huge premiums; worries about repo market functioning at year end are said to be festering; and there is a lot of interest in macro matters later in the week.
December 9, 2019
December 9, 2019
December 6, 2019
December 5, 2019
December 4, 2019
March corn futures finished yesterday’s session little changed as market participants continue to look for new news on the wires. Those wires will probably be pretty bare until we get to next week’s USDA report, out on the 10th. Until then, our focus will be on crop developments in South America, along with money flow and technicals.
December 4, 2019
December 3, 2019
December 3, 2019
U.S benchmarks slipped to start the week, and this was healthy. Price action is pointing lower again this morning ahead of the bell after President Trump signaled his willingness to delay a U.S-China trade deal until after the 2020 election. With those December 15th tariffs inching ever closer, risk-sentiment is beginning to get antsy at such elevated levels.
December 3, 2019
December 2, 2019
December 2, 2019
November 28, 2019
November 27, 2019
November 27, 2019
November 26, 2019
Stock futures are flat across the board, with major averages maintaining the strong gains from Monday amid no major developments or stories overnight to disrupt the bullish market theme of trade optimism into the holiday shortened week.
November 25, 2019
November 25, 2019
Risk-sentiment is getting a boost to start the week after China promised to tighten intellectual property laws. IP has been a major hurdle in U.S-China trade talks and what we’ve referred to as the substance. China has been extremely reluctant to include it in negotiations, even saying at one point in October it would never be included. The nation now seems to have a change of heart announcing a plan to increase penalties on violations of intellectual property rights and is supposedly considering making it easier to hand down criminal punishments.
November 25, 2019
November 22, 2019
November 21, 2019
U.S benchmarks are back to the baseline and holding steady. The U.S-China trade narrative is dominating headlines, largely drowning out yesterday’s Fed minutes. Yesterday, it was rumored that an interim “Phase One” trade deal would not be signed this year and equity markets quickly slipped before competing headlines exuded confidence that negotiations to achieve a deal this year are ongoing.
November 21, 2019
November 20, 2019
November 18, 2019
November 18, 2019
Major U.S benchmarks achieved a fresh wave of record highs this morning before paring gains as trade anecdotes drive the two-sided tape. It was revealed that U.S Treasury Secretary Mnuchin, U.S Trade Representative Lighthizer and Chinese Vice Premier Liu He had a “constructive” phone conversation Saturday as the two sides move closer to an interim “Phase One” trade deal.
