NOV 16. They met… for what?
Biden and Xi met finally but agreed on nothing big at all. Eventually, Chinese and US stocks fell. What can we expect from them? Taiwan, drugs, Russia, semi-conductors, Iran… Both countries are too far away from each other’s.
US stock market ended at consolidation mode today. Weakened macro economy numbers are pulling down all markets.
DJ Index was downed by 0.1%, S&P 500 index was up 0.1% and NASDAQ index was ended at even. Chinese stocks were downed by 1.0% and Hong Kong’s HangSeng Index was downed by 1.3% with a disappointing meeting at SF.
Apple was up 0.9%, Amazon was downed by 0.3%, MS was up 1.8% and Tesla was downed by 3.8%
US dollar Index was ended at even today. Euro was up by 0.02%, Pound was downed by 0.1% and Japanese Yen was up 0.5% against US dollar. Japanese Yen ended at 150.66 yen/dollar today.
It was a big meeting at San Francisco but ended at nothing. It means, more foggy futures from here.
Markets need more time to find its direction.
Crude oil markets were in total collapse, worse than a week ago. NYMEX Brent oil futures were ended at $77.42 per barrel, fell 4.6% today. It was a shocking number, but we could see some possibilities with funds positions a week ago.
They are keep building up their NET SHORTS on the crude oil markets for a while. USA’s crude oil stocks have raised to 3.6 billion barrels this week. China’s refinery industry is slowing down their activities with decreasing demand.
Where would all those crude oils go? What could OPEC+ do about this? We’re going to be in the serious deflations in 2024.
In the agricultural markets today, generally down sided market. It was a kind of PROFIT TAKING market, nothing more. Brazilian weather becomes a bit wet, starting this coming weekend..
Let’s see some details of the day.
CHICAGO SOYBEAN MARKET was downed by 1.5% with MEAL PRICE downed by 0.7% and SOYBEAN OIL PRICE fell 2.3% today. US SOYBEAN EXPORT figure hit 3.9 MILLION TONS with big CHINESE BUYING. SOYBEAN OIL & MEAL EXPORT numbers were in the range. INTERIOR SOYBEAN BIDS were holding steady. CRUSHING MARGIN was taking a pause after rallied 80 CENTS/BU since early NOVEMBER. SF have STRONG SUPPORT LINES at $13.65 today. PARIS RAPESEED MARKET was downed by 0.9% with huge collapse of CRUDEOIL MARKET today.
CHICAGO CORN MARKET was up 0.8% today, returned to 20 DAY MOVING AVERAGE and supported by strong export sales numbers. 1.8 MILLION TONS were much bigger than expectations. INTERIOR CORN BASIS was turned to SOFT today as BIGGER YIELD & not enough storage spaces in IL, IN and OH states. US ETHANOL MARGINS continue to slide with weaker ethanol prices but still running around 20 CENTS/GALLON. CZ was strongly supported at $4.60 level today.
CHICAGO WHEAT MARKET was downed by 1.3% today. Not much supported from US EXPORT side. US WEEKLY EXPORT SALES were at only 177K MT, market expected around 250K ~400K MT this week. STRTEGIC GRAIN have lowered EU 2024 SOFT WHEAT PLANTING area due to the recent excessive rains. They expect EU’s SOFT WHEAT areas to be down by 0.9% from a year ago. LONDON FEED WHEAT price was downed by 0.5% and PARIS MILLING WHEAT price fell by 1.1%, with less demand of the export and industrial usage.