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Real-time News
Futures News, April 29th - According to foreign media reports, palm oil futures on the Malaysian Derivatives Exchange (BMD) are likely to open higher on Wednesday morning, following gains in external markets. International crude oil futures continued to rise on Tuesday, gaining nearly 3%, due to ongoing concerns about supply constraints caused by the closure of the Strait of Hormuz. This, coupled with a firm rise in Chicago soybean oil futures, will boost the early performance of Malaysian crude palm oil futures. However, weak palm oil export demand will limit the upward momentum. The Indian Refiners Association (SEA) stated that increased biodiesel production in global palm oil exporting countries, diverting more palm oil for domestic energy use, will lead to a reduction in export supply.On April 29th, Futures News reported that Chicago Board of Trade (CBOT) corn futures closed higher on Tuesday, with the benchmark contract rising 1.3%, primarily due to stronger international crude oil futures, robust corn demand, and the possibility that rainfall in the Midwest might slow spring planting. Traders stated that continued rainfall in the US Corn Belt, strong corn export demand, and rising crude oil prices supported corn prices. High fertilizer costs are expected to lead farmers to reduce corn planting area, which also supported corn futures prices. Soybean and corn planting in the US is progressing well, but storms in the Midwest may delay planting in some areas. A report from the US Department of Agriculture showed that as of Sunday, US corn planting progress was 25%, well above the five-year average of 19%. The report also showed that among the 18 major producing states, only North Dakota has not yet made any progress in planting.On April 29th, HSBC stated in a research report that the UAEs exit from OPEC+ will have a limited impact on the oil market in the short term, but may weaken the organizations supply discipline and price management capabilities over time. HSBC expects little change in global oil supply in the short term, as crude oil exports from the Gulf region have remained restricted since the end of February. The UAEs room for production increases is limited during the period of restricted shipping routes. The Abu Dhabi crude oil pipeline has a daily capacity of approximately 1.8 million barrels and is likely already operating at full capacity. Once the Strait of Hormuz reopens, the UAE will no longer be bound by OPEC+ production quotas and can gradually increase production. The bank estimates that Abu Dhabi National Oil Company (ADNOC)s daily production could rise to over 4.5 million barrels, while OPEC+s quota until May 2026 is approximately 3.4 million barrels per day. HSBC stated that any supply increases are expected to be released in stages over 12 to 18 months, rather than immediately.On April 29th, Futures News reported that, according to foreign media, Chicago Board of Trade (CBOT) soft red winter wheat futures surged on Tuesday, with the benchmark contract rising 4.5%, reaching its highest level in 14 months. This was mainly due to the ongoing drought in winter wheat producing regions and the continued rise in international crude oil futures, attracting technical buying. The benchmark contract touched its highest level since the end of February 2025 during the session. The severe drought in the US winter wheat producing regions could lead to crop failure, attracting a large influx of speculative buying.On April 29th, former Federal Reserve Vice Chairman and economist Roger Ferguson stated, "Regarding the dual mandate, the Fed will indicate that the labor market is broadly stable. As for the inflation mandate, (with inflation still hovering at a high 3%), there is still much work to be done." He anticipates the Fed will say, "We will hold steady for now and see how things develop." Similarly, Goldman Sachs economist David Merrick expects the Feds post-meeting statement to acknowledge improvements in the labor market and rising inflation data, but to maintain its current policy guidance. We expect a majority to still support keeping interest rates unchanged, with only one dissenting voice, similar to the situation in March.
