XE Market Analysis: North America – Oct 29, 2020

The dollar and more especially the yen rebounded from intraday weakness. EUR-USD inched towards yesterday’s low at 1.1717, with the pair at levels prevailing in the late London morning showing a modest 20-pip-plus (approx) decline on yesterday’s low. EUR-JPY was down quite sharply, putting the cross below the 122.00 level for the first time since mid July, tracking other yen crosses as the Japanese currency found renewed safe haven demand. USD-JPY posted a new five-week low at 104.03. U.S.

Source: XE news feed
XE Market Analysis: North America – Oct 29, 2020

XE Market Analysis: Europe – Oct 29, 2020

The dollar and yen have softened after rallying strongly yesterday on safe haven demand. Short-term speculative participants and others accumulated large long exposures in these currencies, particularly in yen crosses such as CAD-JPY, and there has naturally been some impetus to book profits with U.S. and European equity index futures finding a footing after yesterday’s rout. The DXY dollar index ebbed back to a 93.34 low after peaking yesterday at 93.58, but remains up by nearly 1% from last week’s low. EUR-USD settled around the 1.1750 mark, up on yesterday’s 1.1717 low.

Source: XE news feed
XE Market Analysis: Europe – Oct 29, 2020

XE Market Analysis: Asia – Oct 28, 2020

The Dollar rose through the London mornings session into early N.Y. trade before sputtering a bit lower through the remainder of the session. The DXY climbed from overnight lows of 93.05 to 93.64, before easing back to 93.37 lows. USD buying was triggered overnight, as equity markets sold off on the back of soaring Covid cases around the globe. Safe-haven demand for the currency was the driver. For data, the September advance goods trade deficit narrowed more than expected, but had little impact on the markets.

Source: XE news feed
XE Market Analysis: Asia – Oct 28, 2020

XE Market Analysis: North America – Oct 28, 2020

The dollar and yen are higher on safe haven positioning, and bitcoin hit its best level in almost three years, while European and the dollar bloc currencies came under pressure alongside many currencies from the newly developed and developing world. U.S. Treasuries have remained underpinned as liquid capital seeks harbour, with the dollar holding up despite a 10bp-plus drop in the 10-year T-note yield over the last week and a corresponding decline in the U.S. yield differentials relative to peers, including the Bund.

Source: XE news feed
XE Market Analysis: North America – Oct 28, 2020

XE Market Analysis: Europe – Oct 28, 2020

The dollar and yen are higher on safe haven positioning, and bitcoin hit its best level in almost three years. U.S. Treasuries have remained underpinned as liquid capital seeks harbour, with the dollar holding up despite a 10bp drop in the 10-year T-note yield since last Thursday, which has seen the U.S. yield differential decline relative to peers, including the Bund. The dollar is also just over 1% up on gold over the last week in a further confirmation that the currency is functioning as a safe haven. U.S.

Source: XE news feed
XE Market Analysis: Europe – Oct 28, 2020

Boom and bust: Is China bowing out of Australian agriculture?

China’s investment boom cycle in Australian and global agriculture appears to be over. According to KPMG and the University of Sydney’s Business School, a sharp decline occurred in both the value and number of transactions by Chinese investors into Australia last year, including those in agriculture.

Source: Beef Central
Boom and bust: Is China bowing out of Australian agriculture?

XE Market Analysis: Asia – Oct 27, 2020

The Dollar maintained a slightly easier bias in N.Y. on Tuesday, though trading ranges were relatively narrow overall. The DXY fell from the 93.13 highs seen overnight, later basing at 92.79 in early afternoon. Incoming data saw durable orders rise more than expected, housing prices beat expectations, and the Richmond Fed index improve more than forecasts. None of the releases had much impact on markets. Wall Street was mixed, with the NASDAQ outperforming, while Treasury yields edged lower.

Source: XE news feed
XE Market Analysis: Asia – Oct 27, 2020

XE Market Analysis: North America – Oct 27, 2020

The dollar lifted in London trading after seeing intraday weakness during the pre-Europe session in Asia. U.S. equity index futures have managed modest gains after the S&P 500 closed with a 1.9% loss yesterday, though investor sentiment in global markets remains decidedly restive. The pan-Europe Stoxx 600 index was showing a 0.3% loss as of the early afternoon session, while Most Asian stock markets declined, with Australia’s ASX 200 equity index underperforming with a 1.7% loss, its worst single day performance in a month.

Source: XE news feed
XE Market Analysis: North America – Oct 27, 2020

XE Market Analysis: Europe – Oct 27, 2020

The dollar firmed up into the London open and beyond, paring declines seen earlier in pre-Europe trading in Asia. The move drove gold and oil prices lower, too, indicating there has been some depth in dollar buying, although the magnitude of movement hasn’t been great. U.S. equity index futures have managed modest gains after the S&P 500 closed with a 1.9% loss yesterday, though investor sentiment in global markets remains decidedly restive. Most Asian stock markets declined, and Australia’s ASX 200 equity index closed with a 1.7% loss in its worst single day performance in a month.

Source: XE news feed
XE Market Analysis: Europe – Oct 27, 2020

Unprecedented collaboration in beef cattle genetic improvement

In one of his recent columns, genetics editor Al Rayner wrote about the broadening options open to bull breeders in performance recording, with some Australian breeds in recent times moving from BreedPlan to the International Genetics Solutions (IGS) program. In this article, IGS director of science and education, Dr Jackie Atkins, offers her perspective about the merits of the IGS system and where it is heading

Source: Beef Central
Unprecedented collaboration in beef cattle genetic improvement

Weekly genetics review: Are breeders setting the right starting price for sale bulls?

Any discussion about price, particularly when it comes to bulls, is always a certain way to ignite a conversation among cattle people. Genetics editor Alastair Rayner examines whether it might be time to re-evaluate the ‘starting price’ or reserve, of bulls sold in auctions across the country.

Source: Beef Central
Weekly genetics review: Are breeders setting the right starting price for sale bulls?

XE Market Analysis: Asia – Oct 26, 2020

The Dollar was firmer in N.Y. on Monday, with safe-haven flows into the unit driven by extreme risk-off conditions. The DXT topped at 93.11 in late morning, up from 93.92 into the open. Wall Street was crushed on renewed Covid fears, as infections spike around the country, and by near-zero chances for a Fiscal stimulus package by next week’s elections. The DJIA was down more than 3% intra day. Treasury yields were lower. Incoming data was mixed, with new home sales missing the mark, while the Dallas Fed index beat expectations. Neither had much impact on markets.

Source: XE news feed
XE Market Analysis: Asia – Oct 26, 2020

XE Market Analysis: North America – Oct 26, 2020

The dollar, pound and Australian dollar rose against most other peer currencies, with the euro, Canadian dollar and, to a lesser extent, the yen among the weakening pack. This came against a backdrop of nervous asset markets. S&P 500 futures were showing a 0.9% decline as of the late London morning, European stock markets off sharply (Germany’s DAX by just over 2%), and most commodity markets were lower, too. Front-month WTI oil futures dropped about 3% in posting a three-week low at $38.42.

Source: XE news feed
XE Market Analysis: North America – Oct 26, 2020

XE Market Analysis: Europe – Oct 26, 2020

The dollar is firmer against a backdrop of tumbling global stock markets as an ongoing surge in new positive tests for Covid in Europe and the U.S., and the course toward tighter restrictions, dulls the economic outlook. The U.S. and France set new records for positive tests for the coronavirus, while Spain announced a state of emergency. It should be noted (though often isn’t) that there is likely a false positive issue (many academic papers have discussed this), which may be exaggerating the true picture of Covid prevalence.

Source: XE news feed
XE Market Analysis: Europe – Oct 26, 2020

Senators told options are being sought to update livestock tag technology

EARLY background research is being conducted into possible alternatives to ‘1990s-era’ animal traceability technology currently in use across the red meat industry, Meat & Livestock Australia managing director Jason Strong told a Senate Estimates hearing in Canberra last week.

Source: Sheep Central
Senators told options are being sought to update livestock tag technology

Records fall again in 17,186 head AuctionsPlus offering

Young cattle price records continued to fall on AuctionsPlus last week, with a line of Angus and Angus cross steer calves smashed national records when they fell for 718c/kg. Cattle numbers eased slightly, with 17,186 head listed, 1700 less than last week. The smaller offering did not dampen prices or demand, with the overall catalogue achieving 90pc clearance.

Source: Beef Central
Records fall again in 17,186 head AuctionsPlus offering

XE Market Analysis: Asia – Oct 23, 2020

The Dollar moved modestly higher through the morning session, buoyed by safe-haven buying as Wall Street fell on dimming expectations for a new stimulus bill anytime soon. The two sides remain far apart on some items, like aid to states. The DXY rallied from opening lows of 92.67, later peaking at 92.96. The major equity indices later pared losses, which saw the USD cut some of its gains. There was little data to drive the markets, though Markit manufacturing and services PMIs both moved slightly further into expansionary territory, but had little impact.

Source: XE news feed
XE Market Analysis: Asia – Oct 23, 2020

XE Market Analysis: North America – Oct 23, 2020

The dollar fell back concomitantly with rallying European stock markets and U.S. index futures, which was likely a repositioning dynamic after declining over the last two weeks. EUR-USD rebounded quite strongly, rising back above 1.1850 from a three-day low at 1.1787. Preliminary October PMI data in the services and composite readings out of the Eurozone and UK undershot the median forecast of economists, but didn’t impact the euro or sterling. Cable settled at near net unchanged levels around 1.3065-70 after dropping back from a high at 1.3114.

Source: XE news feed
XE Market Analysis: North America – Oct 23, 2020

XE Market Analysis: Europe – Oct 23, 2020

The dollar is trading moderately firmer against most other currencies, with the yen being the exception. Global stock markets are lacking direction, although the surface calmness belies an underlying skittish sentiment with hopes fading for a pre-election fiscal stimulus deal in the U.S. and with the looming elections inspiring a degree of reservation in investment decisions. Regarding the U.S. elections, polls point to a Biden presidency, but it is less clear if his Democratic party can take control of the Senate.

Source: XE news feed
XE Market Analysis: Europe – Oct 23, 2020

Recruitment: Five job skills & how to show you have them

TO truly compete in today’s ag sector job market, candidates need more than a diploma or work history in the field. Employers are increasingly looking for the total package: candidates who have the education and training needed to understand the job, the experience to carry out the technical duties, and the employability skills to be successful.

Source: Sheep Central
Recruitment: Five job skills & how to show you have them

Screen Australia bias against Aussie beef industry slammed during Senate Estimates

Screen Australia has been condemned by Nationals Senate Leader Bridget McKenzie for funding $625,000 of taxpayers’ hard-earned dollars to “bring down the Australian beef industry.”  Fight for Planet A: Our Climate Challenge is listed as a documentary on both Screen Australia and the ABC’s websites, even though it was factually incorrect and imbalanced in its reporting, she suggested during Senate Estimates yesterday.

Source: Beef Central
Screen Australia bias against Aussie beef industry slammed during Senate Estimates

NYT breaks mould with science-based perspective on beef industry’s methane efforts

Breaking a long-running pattern of mainstream media articles blaming cattle for rising temperatures without delving into the actual science is an overnight article from the New York Times, which takes a balanced and science-based approach to explaining the issue.

Source: Beef Central
NYT breaks mould with science-based perspective on beef industry’s methane efforts

MLA’s Annual General Meeting goes online

MLA members are being reminded to complete and submit their voting entitlement and proxy forms ahead of the industry service delivery company’s upcoming Annual General Meeting on 19 November. This year, the decision has been made to hold the AGM online, in response to the COVID-19 pandemic and the restrictions on gatherings and travel, as well as social distancing requirements.

Source: Beef Central
MLA’s Annual General Meeting goes online

Alternatives being sought for ‘1990s era’ NLIS technology, Senate Estimates told

Early background research is being conducted into possible alternatives to ‘1990s era’ animal traceability technology currently in use across the red meat industry, MLA managing director Jason Strong told a Senate Estimates hearing in Canberra yesterday. Mr Strong was quizzed at length over diverse topics including industry investment in seeking alternate markets in the wake of trade tensions with China this year, and the extent of R&D investment in sustainability.

Source: Beef Central
Alternatives being sought for ‘1990s era’ NLIS technology, Senate Estimates told

XE Market Analysis: Asia – Oct 22, 2020

After falling for three-straight sessions, the Dollar perked up a bit on Thursday, aided largely by solid data, USD short covering and a wobbly risk backdrop. Weekly jobless claims were better than expected for both initial and continuing claims, while existing home sales were through the roof to levels last seen in 2006. Wall Street was again choppy, moving between gains and losses through the morning session, much as was the case on Wednesday, though improving in afternoon trade. Focus remained on stimulus, Covid and the upcoming election. Treasury yields were narrowly mixed.

Source: XE news feed
XE Market Analysis: Asia – Oct 22, 2020

XE Market Analysis: North America – Oct 22, 2020

The dollar has found a footing after a four-day tumble. The DXY USD index has come to rest around the 92.70-75 area after diving over the previous four days, from levels near 94.00. EUR-USD has been in correction mode after a four-day run higher, dropping back to a 1.1825 low today. The pair yesterday peaked at a five-week high at 1.1882. The euro remains up by over 1% on the dollar over the last week.

Source: XE news feed
XE Market Analysis: North America – Oct 22, 2020

XE Market Analysis: Europe – Oct 22, 2020

The dollar has settled after dropping quiet sharply in recent days. The DXY USD index has come to rest around the 92.70-75 area after diving over the previous four days, from levels near 94.00. EUR-USD has settled off the five-week high that was seen yesterday at 1.1882. USD-JPY has steadied in the mid 104.00s after dropping 1.1% yesterday, which is an unusually large magnitude of movement for this pairing by the norms of recent years.

Source: XE news feed
XE Market Analysis: Europe – Oct 22, 2020

Record high feeder prices keeps grainfed trading budget deeply in negative territory

Big losses have again been forecast in Beef Central’s latest 100-day grainfed trading budget calculated this morning. Record high feeder steer values have overwhelmed a softening ration price, and a lift in finished grainfed cattle forward contract prices to deliver a $164 loss – the same figure as our previous budget a month ago.

Source: Beef Central
Record high feeder prices keeps grainfed trading budget deeply in negative territory

Ag Dept pressed on ASEL 3.0 implementation readiness

Senior Agriculture Department officials have assured livestock exporters that new Australian Standards for Export of Livestock 3.0 (ASEL 3.0) will be in place by November 1, amid concerns the Government is still not yet fully prepared to implement the new rules 18 months after their initially planned introduction.

Source: Beef Central
Ag Dept pressed on ASEL 3.0 implementation readiness

XE Market Analysis: Asia – Oct 21, 2020

The Dollar was choppy in N.Y. trade on Wednesday, though ultimately ended lower overall. The DXY printed a seven-week low of 92.47, down from early highs of 92.83. The USD tended to move in the opposite direction to the risk-backdrop, which shifted through the session on the back of stimulus concerns, the election and Covid. Wall Street spent the day traversing between modest gains to modest losses. Treasury yields were slightly higher. There was no incoming data of note. EUR-USD rallied from opening lows of 1.1841 to 1.1881.

Source: XE news feed
XE Market Analysis: Asia – Oct 21, 2020

XE Market Analysis: North America – Oct 21, 2020

The dollar underperformed while the pound outperformed and the yen, diverging from its usual close correlation with the dollar, was measuring as the second strongest of the main currencies. Global stock markets have been skittish, with European indices dropping and U.S. equity index futures giving back gains in returning to near net unchanged levels. Sterling has rallied quite strongly, showing a 0.8% gain on the dollar at prevailing levels, although 20 pips or so off the one-week high that was seen earlier at 1.3064. EUR-GBP is back under 0.9100 and down nearly 0.5%.

Source: XE news feed
XE Market Analysis: North America – Oct 21, 2020