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Commodities

Futures wheat prices: wheat rose sharply on the Chicago Exchange

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futures wheat price

Futures wheat prices as well as soybeans in Chicago rose sharply on Thursday. Wheat quotations recovered from 6-month lows on signs of demand revival following a recent drop in prices and on expectations of hot weather in the U.S. Corn prices also rose after declining earlier this week.

Wheat prices chart — current situation

The most heavily traded wheat futures on CBOT closed 2.4 percent higher, to $7.81 3/4 per bushel. On Wednesday, quotations fell to a low since early February of $7.52 per bushel. CBOT soybean futures closed 3.6 percent higher at $14.19 a bushel.

Meteorologists forecast that hot, dry weather is expected to intensify in the Midwest, U.S. soybean-growing region in August. This is a critical month for crop maturity, and such weather conditions could lead to lower yields.

Meanwhile, the market continues to closely watch the situation in Ukraine. Despite the existing obstacles, the first shipment of export grain could leave Ukrainian ports in the Black Sea for the first time since February. A Turkish dry cargo ship is expected to arrive at the Ukrainian port of Chernomorsk on Friday. This will be the first vessel that will be able to enter a Ukrainian port since the start of the Russian special operation, a representative of the local administration of Odessa said.

Maxar forecasts drier weather in the central and northeastern parts of the Midwest over the next 6 to 10 days. However, rains in the Mississippi Delta and southeastern Midwest should increase moisture content in the soil needed for corn and soybeans to mature.

According to U.S. Department of Agriculture weekly data, net wheat and soybean export sales for the week of July 22-28 for the new marketing year were 249,900 tons and soybean export sales were 410,600 tons, in line with projections.



Commodities

Oil ends lower, posts weekly decline as US rate cut hopes dim

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Oil ends lower, posts weekly decline as US rate cut hopes dim
© Reuters. FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

By Nicole Jao

NEW YORK (Reuters) -Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

futures settled down $2.05, or 2.5%, at $81.62 a barrel, while U.S. West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.

For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.

Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb oil demand.

The Fed has held its policy rate steady in a 5.25% to 5.5% range since last July. Minutes of its meeting last month show most central bankers were worried about moving too quickly to ease policy.

“The entire energy complex is reacting, because if inflation begins to come back it will slow demand for energy products,” said Tim Snyder, economist at Matador Economics.

“That is not something the market wants to digest right now, especially as it is trying to figure out a direction,” he added.

Some analysts, however, say demand has remained largely healthy despite the impact of high interest rates, including in the United States.

JPMorgan’s demand indicators are showing oil demand rising by 1.7 million barrels per day (bpd) month over month through Feb. 21, its analysts said in a note.

“This compares to a 1.6 million bpd increase observed during the prior week, likely benefiting from increased travel demand in China and Europe,” the analysts said.

Meanwhile, Gaza truce talks were underway in Paris in what appears to be the most serious push in weeks to halt the conflict in Palestine and see Israeli and foreign hostages released.

Ceasefire talks could prompt the market to anticipate an easing of geopolitical tensions, Tim Evans, an independent oil market analyst, said in a note.

Still, tensions in the Red Sea continued, with attacks by Iran-backed Houthi militants near Yemen on Thursday forcing more shipping vessels to divert from the trade route.

U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said.

The oil rig count, an early indicator of future output, rose by six to 503 this week, and increased by four this month.

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Commodities

Angry French farmers storm into agriculture fair in Paris

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Angry French farmers storm into agriculture fair in Paris
© Reuters. Protesters wearing shirts with the logos of the FNSEA and Jeunes Agriculteurs farmers’ unions gather to protest at the opening of the 60th International Agriculture Fair (Salon de l’Agriculture) at the Porte Versailles exhibition centre in Paris, France,

2/2

By Stephanie Lecocq and Manuel Ausloos

PARIS (Reuters) -A group of French farmers stormed into a major Paris farm fair on Saturday ahead of a planned visit by President Emmanuel Macron amid anger over costs, red tape and green regulations.

Facing dozens of police officers inside the trade fair, the farmers were shouting and booing, calling for the resignation of Macron and using expletives aimed at the French leader.

“This is our home!”, they shouted, as lines of French CRS riot police sought to contain the demonstration. There were some clashes with demonstrators and the police arrested at least one of them, a Reuters witness saw.

Pascal Beteille, one of the demonstrators said he did not expect anything from Macron’s visit.

“This is our home and he’s welcoming us with CRS,” he told Reuters.

Macron, who met French farmers’ union leaders over breakfast, was scheduled to walk within the alleys of the trade fair afterwards.

“I’m saying this for all farmers: you’re not helping any of your colleagues by smashing up stands, you’re not helping any of your colleagues by making the show impossible, and in a way scaring families away from coming,” Macron told reporters after his meeting with union leaders.

The protests delayed the opening of the show to the public by at least an hour.

The French president said he would convene farmers’ union representatives and other stakeholders of the sector at the Elysee palace in three weeks after he canceled a debate he wanted to hold at the fair with farmers, food processors and retailers.

He denied a reports that he planned to invite controversial environmentalist group Soulevements de la Terre to that debate, which had further stirred anger among French farmers.

An impromptu heated discussion between Macron and demonstrators was being broadcast live on French news channels.

The Paris farm show – a major event in France, attracting around 600,000 visitors over nine days – is a political fixture, where presidents and their opponents are expected to engage with the public under intense media scrutiny.

Farmers’ protests which have spread across Europe, have stoked concerns in France and beyond about their political fallout, given they represent a growing constituency for the far right, expected to make gains in European Parliament elections in June.

French farmers earlier this month largely suspended protests after Prime Minister Gabriel Attal promised new measures worth 400 million euros ($433 million).

But protests resumed this week to put pressure on the government to provide more help and deliver on promises, ahead of the Paris farm show.

($1 = 0.9244 euros)

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Commodities

Oil ends lower, posts weekly decline as US rate cut hopes dim

letizo News

Published

on

Oil ends lower, posts weekly decline as US rate cut hopes dim
© Reuters. FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

By Nicole Jao

NEW YORK (Reuters) -Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

futures settled down $2.05, or 2.5%, at $81.62 a barrel, while U.S. West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.

For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.

Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb oil demand.

The Fed has held its policy rate steady in a 5.25% to 5.5% range since last July. Minutes of its meeting last month show most central bankers were worried about moving too quickly to ease policy.

“The entire energy complex is reacting, because if inflation begins to come back it will slow demand for energy products,” said Tim Snyder, economist at Matador Economics.

“That is not something the market wants to digest right now, especially as it is trying to figure out a direction,” he added.

Some analysts, however, say demand has remained largely healthy despite the impact of high interest rates, including in the United States.

JPMorgan’s demand indicators are showing oil demand rising by 1.7 million barrels per day (bpd) month over month through Feb. 21, its analysts said in a note.

“This compares to a 1.6 million bpd increase observed during the prior week, likely benefiting from increased travel demand in China and Europe,” the analysts said.

Meanwhile, Gaza truce talks were underway in Paris in what appears to be the most serious push in weeks to halt the conflict in Palestine and see Israeli and foreign hostages released.

Ceasefire talks could prompt the market to anticipate an easing of geopolitical tensions, Tim Evans, an independent oil market analyst, said in a note.

Still, tensions in the Red Sea continued, with attacks by Iran-backed Houthi militants near Yemen on Thursday forcing more shipping vessels to divert from the trade route.

U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said.

The oil rig count, an early indicator of future output, rose by six to 503 this week, and increased by four this month.

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