THE JOHN LOTHIAN NEWS DAILY UPDATE – 6/1/2021

John Lothian

John Lothian

Executive Chairman and CEO

FIRST READ

$42,176/$300,000 (14.1%)

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It Is No Gamestop, But It Is Something
Thom Thompson – John Lothian News

After what seems like forever, PanXchange’s Benchmarks & Analysis finally reports an uptick in May prices for CBD biomass as well as a wide variety of refined products. Non-CBD hemp prices are also flashing green now.

Field-planting of hemp is underway now for a crop that will begin to be harvested later this summer and fall. In the meantime, refiners and processors are bleeding down inventories from last year’s (and 2019’s?) harvests. PanXchange has been reporting for months that its sources say a lot of semi- and unprocessed hemp was held back off the market – maybe not an unreasonable thing for a farmer to do in the face of falling prices.

Last summer, prices for hemp and refined products continued the decline that started in October 2019. This is the first reversal of an 18-month trend.

Rising prices and the prospects for a whole new harvest coming onto market should lure remaining hemp out of storage. But if a lot of hemp and distillates does come onto market this summer, that will nip this very minor rally in the bud.

To read the rest of this story, go HERE.

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Hits & Takes
John Lothian & JLN Staff

Welcome to the month of June in the year 2021. May is complete and we are getting ready for the summer months. This weekend there were all kinds of signs of normality back in my life. My neighborhood held a block party on our street and not a mask was in sight. My cousin Tom and his wife Kelly hosted a family get together for the Memorial Day holiday. It was nice to be back with people again.

The Financial Times has a Special Report titled “Exchanges, Trading and Clearing: The New Landscape; Exchanges chase data deals; London claws back losses to Amsterdam; taking trading tech into new markets.” — FT

The stories in the Special Report include:

– Stock exchanges seek out deals with data providers; The industry has grown as companies adjust to risks from increased online activity — FT
– London fights back after Brexit trading win for Amsterdam; UK rule changes target business also lost to Dublin, Paris, Luxembourg and Frankfurt — FT
– Exchange technology races into markets from betting to art; Companies behind digital trading are moving into gambling, real estate and property — FT
– Brexit rift pushes swaps market trading out of London; New York and Amsterdam are the main beneficiaries of UK-EU divide on regulation – FT
– Reforms aim to sharpen London’s listings edge; The capital is trailing rivals in the race for big IPOs — but new recommendations divide opinion — FT
– Exchange outages spark demands for action; A series of shutdowns last year put failures — and how to avoid them — in the spotlight — FT

CBOE veteran trader and former CBOE board of directors representative William R. Power has passed away. He also served as a member of the MGEX board of directors and was an adviser to the NYSE at one time. Remarkably, he cycled across Iowa 23 times in the Register’s Annual Great Bicycle Ride Across Iowa. Condolences to his family and friends. — Elegy Cremation & Memorial Services

SGX has appointed a new head of global sales and origination. Pol de Win joins SGX and will succeed Chew Sutat, who will be retiring from the company on 31 July 2021. Welcome Mr. de Win and thank you to Mr. Chew Sutat for your years of service. — SGX

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign over the weekend. Support our efforts to preserve industry history by giving to our GoFundMe campaign.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL

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The long holdup in the awarding of Illinois’ social equity cannabis dispensary licenses may finally be coming to an end. The publication Grown In reported this morning that the Illinois Senate sent a bill Friday to Gov. J.B. Pritzker to sign that should restart that process. Applicants for the 40 craft grow, infuser and transport licenses remain in limbo. Read more here.~SC

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US small-cap value outperforms by widest margin since 2nd world war; Research shows returns of 77% against 14% for large-cap growth in six months to the end of March
Steve Johnson – FT
Beaten up US small-cap value stocks outperformed large-cap growth ones by the largest margin since the depths of the second world war in the six months to the end of March, data show. The remarkable bounceback comes after a lengthy period in which small-cap and value stocks have undershot the broader market, despite both being widely recognised in academic papers as investment “style factors” that have historically generated long-term outperformance.
/jlne.ws/3pgTx5a

******I really Russell with how to invest in small-caps.~JJL

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Tulsa’s ‘Black Wall Street’ teaches us about racial economic discrimination; The effects of the massacre 100 years ago still reverberate through the US today
Ashley Howard – FT
One hundred years ago, white vigilantes in Tulsa, Oklahoma, raided the black Greenwood community, bursting into homes, killing occupants, looting possessions and setting structures ablaze. Scholars estimate that the crowd killed up to 300 people and that the remaining 10,000 residents were left homeless.
/jlne.ws/3ca9CEh

*****How much did this not just hurt the Black community, but the nation as a whole? Think about if some people had burned down Wall Street and its businesses in New York.~JJL

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The Forgotten Women of Black Wall Street; The neighborhood attacked in the Tulsa Race Massacre was known as a Black intellectual and financial mecca. Women were a little-known part of its success.
Brentin Mock – Bloomberg
Here’s what’s known famously about Greenwood, the early 20th century Black community of Tulsa, and infamously about its destruction: Black businessmen helped build Greenwood into a financial Black mecca that produced an abundance of successful entrepreneurs, some of whom turned into millionaires.
/jlne.ws/3c8NgTv

***** How much did this hurt the Black women on Tulsa’s Wall Street and the women across the nation as a whole? Think about all this damage every time you hear about the Greenwood Project. We hurt everyone, including ourselves, with racism, sexism or any kind of discrimination and hate. ~JJL

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US regulation on cryptocurrencies could be coming; A rundown of the most important global business stories you need to know for the coming day, from the newsroom of the Financial Times.
FT
US eyes crypto regulation amid concern that a lack of oversight could harm savers and investors American retailers are rushing to secure inventory ahead of the year end holiday season, US financial authorities are preparing to take a more active role in regulating the $1.5tn cryptocurrency market, and Russia released $500m in credit to Belarus as western countries target Minsk with sanctions. Plus, the FT’s Unhedged columnist Robert Armstrong explains why he thinks bitcoin might be better thought of as an equity call option than a currency.
/jlne.ws/2SJoJxM

*****I might bet my bottom dollar and my top bitcoin on this happening.~JJL

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Friday’s Top Three
Our top story Friday was the Financial Times’ The rise of crypto laundries: how criminals cash out of bitcoin. Second was Chuck Mackie’s Consensus 2021 — Day Four and Wrap, about the final day of Coindesk’s crypto conference. Third was Earnings Announcements & Retail Participation: A deep-dive into after-hours trading, from the NYSE.

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Market Narratives Have Pushed Aside Fundamentals

Market Narratives Have Pushed Aside Fundamentals

First Read $46,041/$300,000 (15.3%) ++++ Hits & Takes John Lothian & JLN Staff We have a new and improved version of The Spread today. We have overhauled our approach to this video series and have the whole JLN team contributing to it. Suzanne Cosgrove has...

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