Commodities

Wheat futures in the US rose toward $6.3 per bushel, rebounding from the over-two-year low of $5.9 touched on May 30th as signs of a recovery in demand momentarily outweighed ample supplies flooding the market. Saudi Arabia bought 624 thousand tonnes of wheat through an international tender, sparking bets that major middle eastern importers could feel comfortable at making large purchases at current prices. Still, soaring supplies worldwide limited the rebound. Data of a bumper harvest in Russia raised foreign sales forecasts to nearly 50 million tonnes despite Moscow’s recent increase in grain export duties. Sellers in the world’s top

Russian Urals crude oil futures rose to a one-week high of $56.7 per barrel, boosted by strong demand, with shipments to both China and India hitting a record high in May. Also, Saudi Arabia, the world’s leading oil exporter, pledged to cut production by an additional 1 million barrels per day (bpd) from July aimed at boosting oil prices. The price of Russia’s flagship Urals crude oil blend is below the price cap of $60 per barrel imposed in December by the European Union, Group of Seven countries and Australia in order to curb Russia’s ability to finance the conflict

SSE Consume Commodity Index decreased 785.54 points or 7.15% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. SSE Consume Commodity Index is expected to trade at 10033.32 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 9504.13 in 12 months time. From: <a href="Read More” target=”_blank”> Trading Economics

Tin futures surged above $25,600 per tonne, the highest in over three weeks on expectations of a supply shortage in the global tin market. Despite China’s slow demand recovery, the upcoming prohibition of tin mining in Myanmar’s Wa region and Indonesia’s export ban on tin ingots are set to significantly tighten the market. Starting from August 1, 2023, all mining activities, including exploration and processing, will be suspended in the Wa state to preserve remaining resources. Additionally, Indonesia aims to encourage domestic processing by banning the export of tin ingots. Looking ahead, prices are expected to continue rising in the

Solar Energy Index decreased 1.17 USD or 0.35% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Solar Energy Index reached an all time high of 561.46 in February of 2021. This page includes a chart with historical data for Solar Energy Index. Solar Energy Index – data, forecasts, historical chart – was last updated on June of 2023. Solar Energy Index is expected to trade at 321.92 USD by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking

Soybean futures have surged above $13 per bushel after hitting a one-and-a-half-year low of $12.7 on May 31st, helped by forecasts of dry weather conditions in the US Midwest, which have raised concerns about newly planted crops. Additionally, bullish April crushing data has provided further support to the soybean market. According to the US Department of Agriculture, US processors crushed 187 million bushels of soybeans in April, surpassing the expectations of analysts. However, concerns about weak demand have been fueled by recent reports indicating mediocre weekly export sales of US soybeans. Historically, Soybeans reached an all time high of 1794.75

Rapeseed decreased 160.75 EUR/T or 27.51% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Rapeseed reached an all time high of 1094 in April of 2022. This page includes a chart with historical data for Rapeseed Oil. Rapeseed – data, forecasts, historical chart – was last updated on June of 2023. Rapeseed is expected to trade at 396.05 EUR/T by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 366.30 in

Rice futures were trading around $18 per hundredweight, not far from a nearly three-year high of $18.5 scaled on May 12th, as tighter supply challenges persist. Fitch Solutions recently predicted that the rice shortfall for the 2022/2023 season will be the largest in two decades, primarily due to unfavorable weather conditions in key rice-producing countries like China and Pakistan. Meanwhile, the Indian monsoon rainfall in 2023 is anticipated to fall within the normal range but there is a 90% chance of an El Nino weather pattern developing, which could lead to reduced rainfall and adversely affect rice production. On the

Polypropylene decreased 723 CNY/T or 9.36% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Polypropylene is expected to trade at 6900.94 CNY/T by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6643.04 in 12 months time. From: <a href="Read More” target=”_blank”> Trading Economics

Natural gas futures in Europe surged 20% to above EUR28.5 per megawatt-hour, rebounding from a two-year low reached below EUR23 last week due to reduced supply. Gas shipments from the US are becoming scarcer as the supply is funneled to Asia, where prices are more competitive in the summer months due to stronger demand for cooling. Meanwhile, France’s Montoir LNG terminal will be closed until June 10 for maintenance work. Additionally, the Turkstream gas pipeline, which transports gas from Russia through the Black Sea to Turkey, is suspended until June 12 due to maintenance work. Finally, Saudi Arabia’s decision to

Sunflower Oil decreased 445 USD/T or 34.63% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Sunflower Oil reached an all time high of 2400 in March of 2022. This page includes a chart with historical data for Sunflower Oil. Sunflower Oil – data, forecasts, historical chart – was last updated on June of 2023. Sunflower Oil is expected to trade at 838.27 USD/T by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to

Soda Ash decreased 668 Yuan/MT or 25.23% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Soda Ash reached an all time high of 3687.50 in November of 2021. Soda Ash – data, forecasts, historical chart – was last updated on June of 2023. Soda Ash is expected to trade at 2026.74 Yuan/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1987.57 in 12 months time. From: <a href="Read More”

Raw sugar futures in the US fell past 24.7 cents per pound in early June, the lowest since April, supported by signs of strong supply. Current weather forecasts suggest that precipitation in top producer Brazil is expected to ease in the near future, enabling the progress of the ongoing harvest. Other forecasts expect India and Southeast Asia to receive regular amounts of monsoon rainfall in 2023 despite the possible arrival of El Nino, easing concerns that adverse growing conditions would further hurt yields. The developments counter recent threats to supply that lifted prices to an 11-year high of 27 cents

Rhodium decreased 5,850 USD/t oz. or 47.76% since the beginning of 2023, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Rhodium reached an all time high of 29800 in March of 2021. Rhodium – data, forecasts, historical chart – was last updated on June of 2023. Rhodium is expected to trade at 6495.72 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6054.16 in 12 months time. From: <a href="Read More” target=”_blank”> Trading Economics