2023-11-07 21:10

Copyrighted Image by: Reuters. On Tuesday, milk futures and cash dairy markets on the Chicago Mercantile Exchange (CME) witnessed a downward trend. November Class III milk was reported at $17.06, December at $16.87, January at $17.04, and February at $17.56. Contracts from March through September showed mixed results, with some stable and others down by fifteen cents. Prices of dry whey remained at $0.3850 with one sale, while forty-pound cheese blocks dipped slightly to $1.6975 without sales recorded. Cheese barrels fell to $1.5450 with seven sales between this price and $1.5725. Butter prices also dropped to $2.8975, with twelve sales ranging from $2.89 to $2.93, and nonfat dry milk decreased marginally to $1.17 with a single sale at this price. The dairy industry is facing financial difficulties due to a decrease in Class III milk price reported by the Agriculture Department in October. Although Class III futures suggest a modest recovery in November, this is still short of profitability for most dairy producers. The October Class IV price rose due to record-breaking butter prices, but both CME butter and block cheddar showed signs of weakening in November. Dairy economist Bill Brooks of Stoneheart Consulting noted that September milk production margins were the highest of 2023 by 18 cents over January, marking the first time since January that income over feed costs were above the required level for steady to higher milk production. The National Federal Milk Marketing Order Pricing Formula Hearing is set to reconvene on November 27. Cooperatives Working Together (CWT) member cooperatives accepted 26 offers of export assistance from CWT this week that helped them capture sales contracts for American-type cheese and whole milk. This is in line with the Agriculture Department’s latest Ag Prices report, which indicated that the September ratio increased from August, marking the first month to be above the previous year since November 2022. The USDA’s latest Crop Progress report indicated that the U.S. corn harvest was 71 percent complete as of the week ending October 29, which could potentially impact feed costs for dairy producers. Dairy Market News (DMN) reports that current spot milk supplies are slowly edging higher week to week and cheese inventories remain balanced. However, Commodity and Ingredient Hedging LLC., reports that dairy margins deteriorated over the second half of October as Class III Milk futures sank to new contract lows. https://www.investing.com/news/commodities-news/milk-futures-and-dairy-markets-decline-amid-anticipated-demand-increase-93CH-3225580

2023-11-07 20:45

Copyrighted Image by: Reuters. In a volatile turn of events, Bitcoin's sudden surge to a peak of $35,430 sparked a rally among altcoins, notably Solana, which rose by 4% within an hour. This abrupt volatility led to significant futures market liquidations totaling around $15 million within the same hour today. The majority of these liquidations were borne by short-position investors who absorbed losses amounting to $13.65 million. The breakdown of the liquidations includes Bitcoin ($5.82 million), Ethereum ($2.34 million), Solana ($1.63 million), and XRP ($920,000). Adding to the market turbulence, ORDI, a newly listed cryptocurrency on Binance, experienced an unexpected liquidation of $590,000. Over the past 24 hours, total assets liquidated reached a staggering sum of $124 million. Long positions constituted $79 million while short positions accounted for $45 million. The cryptocurrencies most impacted by these liquidations were Bitcoin, Ethereum, XRP, and Solana. This swift market movement underscores the inherent risk and volatility associated with cryptocurrency investments. https://www.investing.com/news/cryptocurrency-news/bitcoin-surge-triggers-altcoins-rally-leads-to-124-million-in-liquidations-93CH-3225527

2023-11-07 19:15

Copyrighted Image by: Reuters On Tuesday, the Pakistani Rupee experienced depreciation against the US Dollar and the European Euro in both interbank trading and open market rates, as reported by the Foreign Exchange Association of Pakistan (FAP) and the State Bank of Pakistan (SBP). The Rupee closed at Rs 286.39 against the Dollar in interbank trading, marking a Rs1.11 depreciation from Monday's rate. Open market rates for the Dollar were Rs 286 (buying) and Rs 288.5 (selling). The Euro also saw a decline of 38 paise to close at Rs 306.21 on Tuesday. Meanwhile, the Japanese Yen maintained stability at Rs 1.90, while the British Pound fell by Rs1.11 paisa to Rs 352.53. In contrast, the Emirates Dirham and Saudi Riyal appreciated by 30 paise each, closing at Rs 77.97 and Rs 76.34 respectively on Tuesday. These gains could be attributed to oil prices and regional economic conditions. These currency fluctuations are influenced by a combination of global economic trends, geopolitical events, and domestic economic conditions in Pakistan, which have significant implications for international trade and investment. On Tuesday, SBP also disclosed interbank closing exchange rates in Pakistan's forex markets for major currencies including US Dollar, Saudi Riyal, UK Pound Sterling, UAE Dirham, and European Euro against PKR. These rates apply from 9 a.m. to 5 p.m. in the "Ready" section, may fluctuate throughout the day, and may differ slightly for retail transactions. The closing rate sets the next day's opening rate. https://www.investing.com/news/forex-news/pakistani-rupee-slides-against-dollar-and-euro-dirham-and-riyal-gain-ground-93CH-3225477

2023-11-07 19:03

Copyrighted Image by: Reuters In the latest development in the cryptocurrency market, top public crypto-mining entities such as Marathon Digital (NASDAQ:MARA) Holdings and Core Scientific Inc. have been selling more Bitcoin than they have generated. Data from TheMinerMag shows that in October, these entities' liquidation-to-production ratio stood at about 105%, a significant increase from the previous three months' ratios of 64%, 77%, and 77%. This trend of increased sales comes in conjunction with Bitcoin reaching an 18-month high. Notably, prominent miners like Hut 8 sold more than their monthly production during this period. The surge in sales is often attributed to the energy-intensive process of mining, which prompts miners to sell more coins during price surges to restore cash flow or benefit from high prices. In October, Bitcoin's price rose by 28% to approximately $35,000, yielding over 100% returns year-to-date. However, this is still below the late-2021 record near $69,000. In response to these market dynamics, mining companies like Marathon and Riot have seen their shares double in value this year. Looking ahead, miners are taking steps to cushion the impact of the impending four-year halving event, which will halve mining rewards. They are raising capital through Bitcoin sales, a move that could potentially influence the market's dynamics further. https://www.investing.com/news/cryptocurrency-news/bitcoin-miners-sell-more-than-they-mint-amid-price-surge-93CH-3225474

2023-11-07 17:58

Copyrighted Image by: Reuters The Supreme Court of the United States (SCOTUS) will preside over a case involving a dispute resolution between cryptocurrency exchange Coinbase (NASDAQ:COIN) and a user, David Suski. The case, known as Coinbase v. Suski, revolves around whether disputes should be resolved via arbitration, as per Coinbase's user agreement, or in court, following state-level sweepstakes regulations and a federal appeals court ruling. The case was added to the SCOTUS docket on June 30, 2023, providing Coinbase with ample time to prepare its defense. The key decision will be whether consent for arbitration was validly obtained and if arbitration or court is the appropriate venue for resolving the sweepstakes dispute. At the heart of the matter is Coinbase's Dogecoin sweepstakes that took place in 2021, offering $1.2 million worth of prizes. Coinbase asserts that users who entered the sweepstakes had consented to arbitration by signing the user agreement. On the other hand, Suski argues that the rules of the sweepstakes should take precedence over the user agreement. Arbitration is typically favored by corporations due to its speed, cost-effectiveness, and confidentiality. However, it has faced criticism for potential bias towards frequent corporate clients and its possible misuse by corporations to sidestep larger court settlements. Critics also point out the lack of appeal options in arbitration procedures as a significant drawback. The upcoming SCOTUS ruling on this case could have far-reaching implications for dispute resolution practices in the tech industry. InvestingPro Insights As the case of Coinbase v. Suski unfolds, it's crucial to consider some key InvestingPro Tips and data about Coinbase. According to InvestingPro, three analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's financial performance. However, it's important to note that the stock price movements are quite volatile, which could be influenced by the ongoing case and its potential implications. In terms of financial metrics, Coinbase has a market cap of 20.72B USD. The P/E ratio stands at -27.51, and the adjusted P/E ratio for the last twelve months as of Q3 2023 is -17.1, reflecting the company's current unprofitability. Despite this, the company has seen a significant return over the past year, and a large price uptick over the last six months, which is a positive sign for investors. These insights should be taken into account when considering the potential impact of the SCOTUS ruling on Coinbase's future. For more detailed insights and tips, consider exploring the InvestingPro platform, which offers a plethora of additional tips and real-time data for a multitude of companies. https://www.investing.com/news/cryptocurrency-news/coinbases-dogecoin-sweepstakes-dispute-heads-to-supreme-court-93CH-3225432

2023-11-07 16:13

Copyrighted Image by: Reuters. The EUR/USD pair experienced a decline in the American session on Tuesday, stagnating near the 1.0700 benchmark due to diminished buyer interest. The pair had started strong but weakened as the USD rebounded, bolstered by a 1.5% rise in the benchmark 10-year US Treasury bond yield after a sharp drop. The USD held firm amidst cautious market sentiment following the UN Security Council's unsuccessful private session aimed at resolving conflict and Israeli Prime Minister Benjamin Netanyahu's insistence on no general ceasefire until Hamas released all hostages. Market participants are now awaiting insights from Federal Reserve policymakers. Any contradiction to the expected unchanged policy rate in December could further strengthen the USD and negatively impact the EUR/USD. German data revealed a monthly decrease of 1.4% in Industrial Production for September, which contributed to the weakening of the EUR/USD pair. Technical analysis on the 4-hour chart using the 20-period Simple Moving Average (SMA) and Fibonacci retracements identifies the key pivot point for EUR/USD at 1.0700, with various potential resistance and support levels outlined. The EUR/USD pair has seen a decline from its peak of 1.0750 to sub-1.0700 levels due to escalating selling pressure, potentially extending to the temporary resistance of the 55-day SMA near 1.0650. The negative outlook remains while it's under the 200-day SMA of 1.0804, with the latest price being 1.0669 (-0.48% daily change). The previous daily high was at 1.0756 and low at 1.0718, with daily Fibonacci levels at 38.2% (1.0732) and 61.8% (1.0742). Daily pivot points are S1 (1.0706), R1 (1.0745), R2 (1.077), and S2 (1.0693). The previous weekly high was 1.0747, low was 1.0517, and the previous monthly high and low were 1.0695 and 1.0448 respectively. Key daily SMAs are: SMA20 (1.0595), SMA50 (1.0636), SMA100 (1.0805), and SMA200 (1.0806). https://www.investing.com/news/forex-news/eurusd-stagnates-near-10700-amid-rising-usd-strength-awaiting-fed-insights-93CH-3225350