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Futures News, May 6th - According to foreign media reports, Chicago Board of Trade (CBOT) corn futures closed lower on Tuesday, with the benchmark contract down 1.2%, mainly reflecting the rapid progress of corn planting and a decline in international crude oil futures. Crude oil prices fell on Tuesday after a ship flying the US flag, under the protection of the US military, passed through the Strait of Hormuz, offering some comfort to investors, although Mondays military incident highlighted ongoing shipping disruptions. The volatility in international crude oil prices, influenced by the Middle East conflict, also impacted the grain market, as corn and soybean oil are widely used in biofuel production. As of May 3rd, US corn planting progress was 38%, compared to 25% last week, 38% at the same time last year, and a five-year average of 34%. Corn emergence rate was 13%, compared to 7% last week, 10% at the same time last year, and a five-year average of 9%.Futures News, May 6th - According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Tuesday, with the benchmark contract rising 0.5%, mainly reflecting active oil-meal arbitrage trading. Traders said that active arbitrage trading involving buying soybean oil and selling soybean meal boosted soybean oil prices. However, international crude oil futures fell.May 6 - According to a report by the Islamic Republic of Iran Broadcasting (IRNA) early on May 6, a fire broke out at a shopping mall in Andisha, Shahriar, Tehran province, on May 5, resulting in at least 8 deaths and 36 injuries.South Koreas April CPI rose 2.6% year-on-year, in line with expectations and down from 2.20% previously.South Koreas April CPI rose 0.5% month-on-month, below the expected 0.50% and the previous reading of 0.30%.

WTI rebounded from $73.00, but a decline appears probable as negative US PMI spark recession fears

Daniel Rogers

Jan 05, 2023 14:41

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West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have regained some ground in the Asian session after falling to near $73.00. Oil prices experienced a slaughter on Wednesday, which was precipitated by a consecutive dip in United States Manufacturing PMI data provided by the Institute of Supply Management (ISM) department.

 

The U.S. Manufacturing PMI dipped to 48.4 vs estimates of 48.5 and the previous publication of 49.0, marking the lowest figure since May 2000. The Federal Reserve's (Fed) aggressive policy tightening actions to combat persistent inflation have reduced the volume of manufacturing operations. To avoid increasing interest costs, companies are avoiding debt-raising negotiations, which has resulted in unaltered production capacities and diminished investment options.

 

In the meantime, the robust U.S. job market gives the Federal Reserve (Fed) a compelling justification to maintain higher interest rates for an extended period. The Unemployment Rate is extremely steady at lower levels, and pay growth is robust, which continues to keep inflationary pressures in check.

 

The American Petroleum Institute (API) stated that oil inventories grew by 3,298 million barrels for the week ending December 30. As people were preoccupied with New Year's celebrations, the majority of operational activity ceased. The official US oil inventory figures will provide fresh impetus moving forward.

 

In the Asian region, increased Covid infections in China are indicative of a delayed economic recovery. Analysts at Rabobank believe that China is still attempting to deal with the increase in Covid infections following the easing of restrictions. "The current increase of Covid infections is stressing the Chinese health care system in more ways than one. Bloomberg adds that this may also impede Beijing's aspirations to launch a homegrown semiconductor industry to compete with US-controlled supply chains.

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