Author: FX

mesut zengin/iStock via Getty Images Bioceres Crop Solutions (NASDAQ:BIOX) +2% post-market Tuesday after the U.S. Department of Agriculture said the type of genetically modified wheat developed by the company may be safely produced in the U.S., putting the agriculture technology company a step closer to its goal of bringing the first genetically modified wheat to the U.S. The USDA said Bioceres’ (BIOX) drought tolerant and herbicide resistant HB4 wheat is unlikely to pose an increased plant pest threat and “may be safely grown and bred in the United States.” The approval makes the U.S. the fourth country to receive clearance…

The numbers via oilprice.com on Twitter:The EIA estimates to be released tomorrow at 10:30 AM show:Crude oil drawdown of -2.265 million barrelsGasoline inventories drawdown of -1.587 million Distillates drawdown of -1.083 million–This data point is from a privately-conducted survey by the American Petroleum Institute (API).It’s a survey of oil storage facilities and companiesThe official report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the…

The U.S. Dollar Index hit its lowest point of 2024 last week after dovish comments from the Federal Reserve Chairman Jerome Powell led global currency markets to expect a more cautious Fed stance than previously thought. This led to continued selling pressure, causing the U.S. dollar to fall to make fresh new lows today! As August draws to a close, the dollar index has fallen by 3.3% so far this month, marking its largest monthly decline since November 2022. Will the U.S. dollar continue its recent decline, or could certain factors stop the drop and even turn things around? The…

Gold rises in risk-on setting, shrugging off robust US data as the US Dollar hits a 12-month low. Powell’s dovish remarks keep US Treasury yields stable, pressuring the US Dollar and boosting Gold. Focus shifts to upcoming core PCE and job data, crucial for Fed decisions; rate cut prospects bolster Gold. Gold prices advanced firmly during the North American session on Tuesday amid a risk-on environment and steady US Treasury yields. Investors ignored better-than-expected economic data from the United States (US), failing to underpin the already battered Greenback. The XAU/USD trades at $2,524 and gains over 0.20%. The financial markets’…

lyash01/iStock via Getty Images Cleveland-Cliffs (NYSE:CLF) +1.8% in Tuesday’s trading as Seaport Global upgrades to Buy from Hold with a $16.50 price target, based on “a tactical call around the current steel price cycle and mounting supply-side response.” Seaport analyst Martin Englert cuts his outlook for Q3 EBITDA given the recent down cycle in steel prices, and thinks it is probable that consensus will lower estimates in the coming weeks, but “the good news is that the disciplined and robust supply-side response is still percolating through the market and will become more evident in the near term.” Even as Englert…

Singapore, Singapore, August 28th, 2024, Chainwire The decentralized derivatives trading platform ELFi Protocol has recently launched a liquidation subsidy program. Prior to September 15th, 2024, 0:00 UTC, users who conduct contract trading on the ELFi Protocol and accumulate a trading volume of no less than 1,000 USDC equivalent will be eligible to receive a maximum of 100 USDC as a subsidy for their first-time liquidation losses. This subsidy program will be implemented on a first-come, first-served basis, until the total subsidy amount of 50,000 USDC is exhausted. Furthermore, ELFi Protocol has launched the $DOGS contract, as well as the Polymarket…

The S&P 500 has rebounded into positive territory, up 0.2% after opening lower. Tech is leading the way with the Nasdaq Composite up 0.3% while the Russell 2000 remains down 0.5%. Top performers include Expedia, Costco and Netflix.Laggards include American Airlines, Amazon and Walgreens.Nvidia initially opened lower but has helped to turn the market and is up 1.9% ahead of tomorrow’s earnings report.In general, there is a tight correlation between the Nasdaq and bitcoin but that’s broken down today. Bitcoin is near a session low and down 2.4% in a fade after last Wednesday’s break higher.Bitcoin dailyAt times, bitcoin has…

The Aluminium price recorded the strongest increase among the LME metals last week, rising by 7.5% compared to the previous week. It was not only the hope of rapid interest rate cuts in the US that provided a boost, Commerzbank’s commodity analyst Barbara Lambrecht notes. Aluminium prices are falling slightly again today “There were also concerns on the supply side after the futures price for alumina, the intermediate product between bauxite and refined Aluminium, rose significantly on the Shanghai Future Exchange due to a sharp decline in inventories registered on the SHFE. At the end of last year and then…

Nikkei 225 (N225) Elliott Wave technical analysis Function: Bullish Trend. Mode: Impulsive. Structure: Navy Blue Wave 1. Position: Gray Wave 3. Direction next lower degrees: Navy Blue Wave 2. Details: Gray wave 2 appears completed; now Navy Blue Wave 1 is active. Wave cancel invalid level: 30,380. The NIKKEI 225 is presently in a bullish trend according to the Elliott Wave analysis on the daily chart. The market is advancing in an impulsive mode, indicating a strong upward momentum. The main structure of interest is Navy Blue Wave 1, which marks the beginning of a larger upward movement. Within this structure, the market is currently in Gray Wave 3, suggesting that this phase of the trend…

Defense Metals (OTCQB:DFMTF) has announced the resignations of Craig Taylor as CEO and Director and Len Clough as Director, effective immediately, to pursue other interests. The company said that the search for a new CEO is underway. In the interim, Executive Chairman Guy de Selliers will lead the company, working closely with the board, President Luisa Moreno, and Lead Independent Director Dale Wallster. Furthermore, Alex Heath, Senior Vice President, Corporate Development, and Interim CFO, will play an important role in assisting the executive team and guiding the company through this transition. In connection with this transition, the company has agreed…