Todays Videos
Drought conditions throughout the Corn Belt in the USA continue to worsen due to above-normal temperatures paired with little moisture, with nearly 55% of the contiguous US in some level of drought this week compared to 50% last week and 58% last year. The rain is forecasted to fall over the next seven days, but traders are waiting for the USDA to release its monthly crop production and WASDE reports, wherein yield projections for corn and soybean are expected to remain unchanged. The lack of change doesn’t mean that yield projections won’t come down at some point, especially since there are dry conditions in the Corn Belt. Accumulated corn sales are down 36% compared to the same period last year while net cancellations of new crop corn sales were made by Mexico, Honduras, and Guatemala. Despite this, the fundamentals remain bullish for the futures market.
Dalio Says STAGFLATION
Ray Dalio discusses how the problem with the US’s current debt crisis is that the central banks and the commercial banks will have solvency concerns due to government debt holdings. He highlights the trade-off between raising the debt-to-income ratio and balancing interest rates for creditors rather than debtors. He adds that the US is currently facing more than just a classic recession, as the unemployment rate does not necessarily measure wealth transfer and higher wage gauges. Dalio disagrees that inflation can come back down on its own without higher real interest rates.
Currency News
https://www.msnbc.com/opinion/msnbc-opinion/crypto-giants-binance-coinbase-rough-week-rcna87939
Crypto has their answer — and it’s not one that they’re going to like. That has been a major question mark, one that has left the industry begging for clarity from the SEC and Congress about how the government views the “tokens” trade, which has produced billions in transaction fees for these major markets. At the heart of the lawsuits — and the crypto industry’s pushback — is an unanswered question: “Is a token a security or a commodity?” The former includes “investment contracts” like stocks and bonds, in which someone invests money in a venture and expects to see profits as a result.
Stock and Bond News
Commodity News
https://www.barchart.com/futures/performance-leaders?viewName=chart
Soy oil looks like the big winner today. Up 4%.
Poll:
What did trump do with the documents in the bathroom?
Read them.
TP.
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Useful Sites:
ptiprodirect.com/open-account/
Investing.com
Barchart.com
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