Commodities Trend Higher After Rate Cuts
Goldman also highlights that cyclical risks from the business cycle are fading. An upswing in the global industrial cycle typically leads to broad metals upside over the next 12 months the investment bank added.
What the Baltimore Bridge Collapse Means for Commodities
According to data from PIERS, a trade flow analytics tool within S&P Global, Baltimore port held just 4% share of the total trade volumes on the East Coast compared with other major regional ports like New York, with a nearly 38% share according to S&P Global.
Also important - Baltimore is a key hub for the warehousing of base metals such as aluminum, copper, and zinc in addition to ferroalloys, and handles the most road vehicles of any terminal in the US.
Market participants expected the incident to disrupt Baltimore exports in the short term (10-15 days) but suggested there would be limited pricing impacts amid well-stocked markets, the report by S&P Global said.
Planted Acres Report Causes Volatility
Corn: 90.036
Trade Estimate: 91.776
Difference: -1.740
Last Year: 94.641
Soybeans: 86.51
Trade Estimate: 86.53
Difference: -0.020
Last Year: 83.600
Wheat: 47.498
Trade Estimate: 47.33
Difference: 0.168
Last Year: 49.575
The biggest surprise was definitely Corn. As a result corn futures jumped more than 3% higher during the afternoon session. One could argue that a bullish head and shoulders pattern was therefore completed as well.
In Other News…
This week look out for the following:
ISM Manufacturing PMI on Monday
JOLTS Job Openings on Tuesday
ISM Services PMI on Wednesday
Job Market Report on Friday
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Till next Monday, Lukas
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