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U.S. agriculture secretary says unsure if China will meet Phase 1 farm commitment By Reuters

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© Reuters. U.S. President Trump holds coronavirus response event at the White House in Washington

By Christopher Walljasper

CEDAR GROVE, Wisc. (Reuters) – China may fall short of annual agricultural product purchasing commitments made in its Phase 1 trade deal with the United States due to “non-agricultural trade issues,” U.S. Department of Agriculture Secretary Sonny Perdue said on Friday.

“I’m not sure they’re going to make it, but they’re trying,” Perdue said during a town hall meeting with farmers at Edge Dairy Farmer Cooperative. “Non-agricultural trade issues get in the way.”

China committed to importing $36.5 billion in U.S. farm products this year in the trade deal signed in January, but lagging purchases during the first half of the year cast doubt on the goal of increasing imports by more than 50% over 2017 levels.

It was unclear which trade issues Perdue believed were obstacles to the agreement. A series of hurdles have emerged since the Phase 1 deal was implemented, including a threatened U.S. ban on popular Chinese-owned social media app TikTok and an executive order signed by U.S. President Donald Trump ending preferential economic treatment for Hong Kong.

Chinese imports of U.S. agricultural products totaled just $8.6 billion from January through July, according to the latest U.S. Census trade data.

Buying has accelerated considerably in August and September, including around 12 million tonnes of soybeans and 4 million tonnes of corn, according to preliminary U.S. Department of Agriculture data.

(Story refiles to fix garbled text)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Commodities

Do You Understand Chart Structure? – Growing Your Money

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Do You Understand Chart Structure?

What do I mean when I talk about chart structure and why do I think it’s so important when deciding to enter or exit a trade? I define chart structure as a slow grinding up or down trend with low volatility and no chart gaps. Many of the great trends that develop have very good chart structure with many low percentage daily moves over a course of at least 4 weeks thus allowing you to enter a market allowing you to place a stop loss relatively close due to small moves thus reducing risk.

Charts that have violent up and down swings are not considered to have solid chart structure as I like to place my stops at 10 day highs or 10 day lows and if the charts have a tight pattern that will allow the trader to minimize risk which is what trading is all about and if the chart has big swings your stop will be further away allowing the possibility of larger monetary loss.

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

TWITTER—@seeryfutures
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
Email: mseery@seeryfutures.com
If you’re looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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Crude Oil Rises as Production Hikes Expected to be Delayed By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — Crude oil prices rose on Monday after the world’s two biggest oil exporters both dropped hints that they may need to abandon, or at least delay, the increase in production that they expect to carry out at the start of 2021.

In opening remarks to a meeting of ministers from the Organization of Petroleum Exporting Countries and its biggest allies, Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince Abdulaziz bin Salman both warned of an uncertain period ahead and stressed the need for the group’s output policy to remain flexible in its efforts to support prices.

By 11 AM ET (1500 GMT), futures had reversed overnight losses to trade up 0.4% at $41.28 a barrel, while the international benchmark was up 0.1% at $42.95 a barrel. Both markers were well off their intraday highs, nevertheless.

U.S. gasoline futures were up 0.2% at $1.1711 a gallon, having hit a two-week low overnight..

Russia’s Novak had warned in his remarks at the ‘open’ session of the meeting that the situation remained fragile and that the recovery in oil demand had slowed down since the summer.  That’s due largely to the resurgence of the Covid-19 pandemic in most of the northern hemisphere – outside China – as colder temperatures and the start of the academic year have combined to spread the virus again. Hospital admissions in both North America and Europe have been on the increase for over a month now.

Even China’s rebound has flattened out somewhat, with third-quarter GDP numbers overnight disappointing both in a quarter-on-quarter and year-on-year comparison, although the country remains on track to be the only major economy in the world that won’t shrink this year.

For his part, Prince Abdulaziz warned that the bloc had to be ready to act pre-emptively to head off a repeat of the second-quarter chaos, when a plunge in demand briefly turned futures prices negative for the first time ever.

“We have to be able to take measures to head off negative trends and developments, to nip them in the bud, before they become threatening,” Abdulaziz said. “Nobody in the market should be in any doubt as to our commitment and our intent. It would be unwise indeed if anyone were to gamble on our determination.”

Abdulaziz had made similar comments at an earlier meeting this year in the direction of those tempted to sell the market short.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Wheat Prices Higher 4th Day In A Row – Growing Your Money

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Wheat Prices Higher 4th Day In A Row

Wheat Futures—Wheat futures in the December contract is trading higher for the 4th consecutive session up another $0.02 at 6.27 a bushel as prices have hit another 5 year high as fundamentally and technically speaking this commodity remains strong.

I have been recommending a bullish position from the 5.40 level and if you took that trade continue to place the stop loss under the 10-day low standing at 5.87 as an exit strategy on a hard basis only as I’m not willing to risk any more than that price level.

The large money managed funds and small speculators are long this market as they think higher prices are ahead and I agree with them as I still think there’s a chance we can hit the $7 level in the coming weeks ahead.

Wheat prices are trading far above their 20 and 100 day moving average as this trend is strong to the upside and if you take a look at the daily chart the uptrend line remains intact as the volatility could even expand exponentially to the upside especially if weather conditions in the Great Plains part of the United States become adverse so stay long. 

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

 

TWITTER—@seeryfutures 

 

 Email: mseery@seeryfutures.com

If you’re looking to open a Trading Account click on this link www.admis.com 

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.

 



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