Written Commentary
The Ghost in the Machine Q1 2024
March 19, 2024
Global Commodities Newsletter Mar 2021
- March 19, 2021
- ADMIS Research Team
- Follow us on Twitter @ADMISI_Ltd
Market Outlook for US and South America Regions
Grains
After the March USDA report, soybean, corn and wheat futures were rangebound. May soybeans traded between 13.90 and 14.25 and May Chicago wheat between 6.30 and 6.50. May corn traded between 5.30 and 5.55.
Lean Hogs
At the end of February 2021 year to date U.S. cumulative pork production was down 2.2%.
Live Cattle
At the beginning of February 2021, live cattle futures appeared to be a continuation of the bull market that began in 2020.
Stock Index Futures
S&P 500 and Dow futures advanced to new record highs due to vaccine and fiscal stimulus optimism, along with better than expected quarterly earnings results.
US Dollar Index
A spike in U.S. Treasury yields earlier this month supported the U.S. dollar index and sparked a risk-off move in global currencies.
Eurocurrency
The euro currency found support near the 1.1860 area.
Crude Oil
Earlier this month crude oil futures advanced to their highest level since November 2018 amid weather related supply disruptions.
Gold
Gold futures are seeing only limited support from increasing prospects of rising inflation levels.
Market Outlook for China and Asia Regions
The key Chinese and Asian event over the last 30 days has been China record strong exports thanks to overseas demand recovering. Central Banks in the region is tempering expectation on tightening amid the rise of bond yield.
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