Recently, speculators are no longer investing in stocks but are turning to gold. Many believe that stock prices will begin to fall, and traditionally when stock prices fall, the price of gold and other precious metals rises. Currently, the price of gold is $1340, which is nearly 3 percent higher than the price at the beginning of 2018.
Many consider Bitcoin to be digital gold; however, investors on Wall Street are not optimistic and expect the price of Bitcoin to decline. In the currency markets, the most sought-after currencies are the euro and the Japanese yen, while a weakening of the US dollar is expected against all global currencies.
Trends in Grains
This week, soybean is playing a major role on the CME with a price increase of approximately $6/mt. Dry weather in Argentina and low estimates of the Argentine harvest have driven up prices in the market. While preliminary crops in America are still neutral, a record soybean harvest in Brazil is anticipated.
Like soybeans, corn is also affected by the current weather conditions in South America. It is very wet in Brazil while it is dry in Argentina. World Perspectives believes that the weather conditions in South America will have a strong impact on corn yields.
It is expected that corn prices will remain unchanged in the coming days, while soybean and meal prices could easily rise if there are no positive news regarding weather conditions in South America.
In Peru, the fishing season is still ongoing. So far, approximately 74,500 mt of fish have been caught, resulting in about 17,000 mt of fish meal and 1,500 mt of fish oil produced.
The IFFO report indicates a 21 percent increase in fish meal production in 2018 compared to 2017 in the countries where measurements are taken: Chile, Peru, Denmark, Norway, and Iceland.
As of today in 2018, 255,000 mt and 59,000 mt of fish oil have been produced.
