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Will Biodiesel Demand Lead to a Paradigm Shift in Soybean Oil?

Wed, 06/09/2021 - 15:22
Prices for the actively traded July 2021 CME Group soybean oil futures reached all-time new highs in recent trading sessions (see Figure 1), spurred by increasing demand from the biofuels industry, a big piece of President Biden’s call to cut carbon-emission levels in half by 2030. Further, according to the USDA’s May, 2021 monthly supply and demand report, the biofuels sector is expected to consume 12 billion pounds of soybean oil in the 2021-2022 marketing year (up from an estimated 9.5 billion in 2020-2021). ADM, Cargill and many others are increasing their soybean crushing production

The Excel Treemap Chart

Mon, 06/07/2021 - 12:56
Microsoft® Excel 2016 and higher offer a new chart type: The Treemap. A treemap chart provides a hierarchical view of your data. This view makes it easy to spot patterns, such as which markets are outperforming or underperforming in a group of markets. The tree branches are represented by rectangles and each sub-branch is shown as a smaller rectangle. The treemap chart displays categories by color and proximity and can easily display a group of data. The chart displays the values as rectangles which are raked from the highest value to the lowest value and the area of the rectangles

Notes From Underground: Schauble Pivots, Brainard Postulates

Mon, 06/07/2021 - 10:59
The unemployment data was not as robust as expected but not bad since hourly wages rose above consensus, the work week remained elevated and the jobless rate dropped to 5.8%. The headlines are always subject to severe review doing these tumultuous times. The question remains: Why did the BOND market experience a sizable rally even as the DATA was well within range of expectations. There is a great deal of pressure on the U.S. overnight market as vast amounts of liquidity searches for a home. Learn more about CQG's soultions for finiancial markets The FED had

Market Summary: June 6,2021

Mon, 06/07/2021 - 10:25
Petroleum prices reached two-year highs, gaining for the second consecutive week and fifth in the last six. Continuing expectations of demand recovery, a strong report from the EIA regarding demand increases for the balance of 2021 and evidence of a clear re-opening of the European economy were the primary market drivers. Prices increased despite a 4% drop in US refined product demand and the average retail price at the pump for a gallon of Gasoline in the US reaching more than $3.12. On the week, WTI gained 5%, Brent 4.6%, RBOB 3.3% and ULSD 3.6% as overall commercial petroleum inventories

Notes From Underground: An Open Letter To the G-7

Fri, 06/04/2021 - 11:57
Every G-7 or G-20 meeting homage is paid to the idea of free markets via the market driven value of each nation’s currency. This is hogwash of the highest order in the world of central bank asset purchase programs. The clarion call is that QE is a domestic-based program meant to meet the inflation target set by the nation’s policy makers and any impact on a nation’s currency is just unintended consequences of keeping a country out of a potential disinflationary cycle. Every central bank statement except the U.S. has a sentence or two about the relative value of a nation’s currency and if too

Crude Oil Looks Bullish

Fri, 06/04/2021 - 09:36
On April 20, 2020, nearby NYMEX futures did what few market participants believed possible. Not only did the price of a barrel of West Texas Intermediate drop below zero during the delivery period, but it also fell to a low of negative $40.32. Expiring WTI futures became a bearish hot potato as holders of the contracts had nowhere to store the landlocked petroleum. Brent futures did not suffer the same fate as they reflect the price of seaborne crude oil, but they did drop to the lowest price of this century at the $16 per barrel level. Since the April 2020 low, the prices have made higher

Measuring the Percentage Required Gain

Thu, 06/03/2021 - 10:14
This article builds upon the post titled “Evaluate ETF Constituents Performance Using Excel” that detailed gauging the current price of a stock relative to the high as an indication of relative weakness and a table was included that demonstrated that if a stock was down, say, 50% from its annual high then it required a 100% gain to return to the annual high. The formula was simple: (Last Price minus Annual High)/Annual High. However, if we simply calculate the difference between the annual high and the last price but divide by the last price, then we know what the required percentage gain: (

Market Summary: May 30, 2021

Tue, 06/01/2021 - 07:06
Petroleum prices increased for a fourth week in five, touching 31 month highs on Thursday before easing at week’s end. Accelerating demand growth in the US linked to improving economic barometers, constructive inventory reports, the start of summer driving season and a continually weakening US dollar were key drivers for price increases. Signs of improving Covid-19 conditions in Asia and anticipation of a steady course being maintained at the OPEC+ meeting on Tuesday has, in part, eased concerns of an impasse at the JCPOA talks between Iran, the US and the six other members of the UN Security

The Roundtable Insight – Piet Viljoen and Yra Harris on Financial Repression

Wed, 05/26/2021 - 00:00
Mr. Piet Viljoen, CFA, is an Executive Chairman at RECM & Calibre Ltd. and a Chief Investment Officer at Regarding Capital Management (Pty) Ltd. He is on the Board of Directors at Trans Hex Group Ltd. He has over 25 years of industry experience. He founded RECM in 2003 and firm's Chairman. He started out as a lecturer at the University of Pretoria, and then joined the Reserve Bank as an economic analyst. Presented by Finacial Repression Authority. ‌‍‍‍‍ CQG Integrated Client Get a 2-week free trial

CQG for iPhone Update, Version 1.15

Mon, 05/24/2021 - 00:00
Updates Ability to view historical orders New iPad layout for quotes TouchID/FaceID improvements Added Japanese and Vietnamese language support   Helpful Links CQG in the App Store: CQG for iOS is available to all customers using a CQG charting or trading product. Online Help: Access online videos and view animations. CQG Forums: Share your feedback and submit feature requests. CQG for Android: We are excited to launch CQG for Android later this spring. To receive updates, fill out this form. We love to hear from you! You help us make CQG... more

Notes From Underground: To Russia With Love (Or Blinken Blinked)

Mon, 05/24/2021 - 00:00
Ten days ago, we published a blog post titled, “Sanctions Are Sanctimonious.” And lo and behold, this past week the U.S. moved to remove sanctions on the completion of the NORDSTREAM 2 pipeline, allowing Russian gas to flow freely and readily into Germany without paying the massive transit fees to the Ukraine. This is the culmination of the project promoted by previous German Chancellor Gerhard Schroeder.This story is huge for it shows that the world is — as NOTES portrays it — far more dynamic than the static analysts would have us believe. ‌‍‍‍‍ CQG Integrated... more

Market Summary: May 23, 2021

Mon, 05/24/2021 - 00:00
Petroleum prices experienced their largest weekly drop since March, falling for the first week in four primarily due to the emerging view that Iranian supplies will increase amid reports of progress in diplomatic discussions in Vienna that may lead to the resumption of US participation in the JCPOA agreement of 2015. The threat of such supply increases when coupled with the recent rise in output from the OPEC+ agreement drove prices significantly lower on Wednesday and Thursday. Ongoing growth in coronavirus cases in Asia generally and India specifically as well as Brazil continue to temper... more

Displaying Fixed Income DOM Data in Excel

Fri, 05/21/2021 - 00:00
Fixed income traders may want to see fixed income futures prices for the book using a price format other than decimals or native. This article details the steps to converting decimal formatting to Solidus formatting (132.5078125 converted to 132-16’1/4). CQG has five price formatting settings for fixed income futures markets using Contract Data Label RTD functions: Compact: For example 132162 Decimal: For example 132.5078125 Fractions: For example 132-16’2 Fractions: For example 132’16.25 Solidus: For example 132-16’1/4 Below are four Excel RTD formulas using... more

What's New in CQG Desktop Version 6.4

Mon, 05/17/2021 - 00:00
General New scrolling ticker quoteboard Double-click on Bid/Ask in QSS will open the trading popup; buy on bid, sell on ask. Expanded timezone browser support in more locales to accommodate 24hr formats     We hope that these updates help improve your trading workflow. We continually strive to improve your CQG Desktop experience. We invite you to vote for or enter features you want via our CQG Forums site. And see past release notes on our website. Happy Trading! The CQG Desktop Team Log on to CQG Desktop

Notes From Underground: Is the Fed In a War?

Mon, 05/17/2021 - 00:00
I pose this question as a challenge to all of those traders and investors, and a call to action. There is so much discussion about the onset of inflation but do the inflationists have the fortitude to attack the FED where it hurts: the long end of the yield curve? The primary focus of the FED has been on the part of the QE purchases has been the shorter end as 80% of the FED‘s balance sheet is five years or less. If the inflation concern is of the magnitude suggested by the mainstream media then market participants OUGHT to be selling the longer... more

Market Summary: May 16, 2021

Mon, 05/17/2021 - 00:00
Petroleum prices increased for a third consecutive week. The Colonial Pipeline reopened after six days of closure due to a cyberattack from eastern European hackers that disrupted flows of refined product in all three PADD districts affected by trans-Atlantic trade. This disruption and overwhelming inflation throughout the US economy enabled the average price of Gasoline at the pump in the United States to reach its highest level in six years, exceeding $3.02 per gallon. Prices were further supported by an IEA report issued on Wednesday and an OPEC report released on Thursday stating that... more

What's New in CQG IC 2021: TFlow Aggregation by Bars Updated

Mon, 05/17/2021 - 00:00
The TFlow Chart type allows you to aggregate the TFlow bars by a user chosen number of bars. The limit for the number of bars has been expanded from 50 to now 5,000 bars.

The Roundtable Insight – Dr. Marc Faber and Yra Harris on the Economy, Geo Political Risks and Investing

Wed, 05/12/2021 - 00:00
Presented by Finacial Repression Authority. ‌‍‍‍‍ CQG Integrated Client Get a 2-week free trial

The Roundtable Insight – Dr. Marc Faber and Yra Harris on the Economy, Geo Political Risks and Investing

Wed, 05/12/2021 - 00:00
Presented by Finacial Repression Authority. ‌‍‍‍‍ CQG Integrated Client Get a 2-week free trial

Notes From Underground: SIN or WIN, It’s a Generational Thing

Wed, 05/12/2021 - 00:00
In 1976, when I was beginning my long march toward acquiring knowledge to analyze markets Gerald Ford was running for reelection. Inflation was gaining strength so the FORD campaign was bent on making America believe that he had the fortitude to break the inflation spiral threatening the Middle Class. Campaign buttons said W.I.N. (whip inflation now). Getting inflation under control was seen as the paramount issue. ‌‍‍‍‍ CQG Integrated Client Get a 2-week free trial When I was wandering through a flea market in New York in 2007, I found an original WIN button... more