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Futures News, July 14th - According to foreign media reports, ICE canola futures closed higher on Monday, with the benchmark contract rising 1.47%, mainly boosted by a sharp rise in international crude oil futures. US President Donald Trumps reinstatement of the blockade of Iranian vessels in the Strait of Hormuz triggered a surge in international crude oil futures. This followed military strikes by the US and Iran in the Middle East over the weekend. Continued rainfall across much of the Canadian Prairie may reduce the canola harvested area, with abandonment rates potentially exceeding the usual 1%. The Canadian dollar was almost unchanged on Monday afternoon, trading at 70.68 US cents per Canadian dollar.July 14 (Futures News) – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed sharply higher on Monday, with the benchmark contract rising 3.2%, reaching its highest level in over a month, following the surge in international crude oil futures. US President Trumps announcement that the US would reinstate a naval blockade against Iran reignited concerns about disruptions to energy transport through the Strait of Hormuz, pushing global benchmark September Brent crude futures up 9.59%, reaching their highest price since June 12.On July 14th, according to foreign media reports, most corn futures contracts on the Chicago Board of Trade (CBOT) closed higher on Monday, with the benchmark contract rising 0.5%, mainly reflecting concerns about hot and dry weather in the Midwest and a surge in crude oil futures. The benchmark December contract touched $4.695 during the session, its highest level since June 2nd. Weather forecasts indicate that the western Corn Belt will continue to experience hot and dry weather this week, potentially extending into next week. July is a crucial month for the corn crop, as most corn will enter the pollination stage at this time. The pollination period is a key stage in determining corn yield. The U.S. Department of Agriculture predicts that the average U.S. corn yield in 2026 will reach the second highest on record, at 183 bushels per acre, second only to last years record of 186.5 bushels. However, the continued high temperatures could affect the crops harvest prospects. One analyst stated that if this weather persists, a yield of 180 bushels per acre may be closer to reality. A decline in yield will suppress U.S. supply. He added that if the yield is below 180 bushels per acre, the U.S. corn supply will be very tight.Venezuelas chief economic advisor: We will release a sustainability analysis of the necessary debt restructuring in the coming weeks.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.26% to 52,498.64 points, the S&P 500 fell 0.79% to 7,515.34 points, and the Nasdaq Composite fell 1.55% to 25,873.18 points. Nvidia and Boeing led the decline, falling more than 3%. The Wind U.S. Tech Big Seven Index fell 0.96%, with Tesla falling more than 3%, Facebook falling nearly 2%, and SpaceX falling more than 4%. The Nasdaq China Golden Dragon Index fell 0.14%, with Lukong and Hesai Technology falling more than 6%. 2. The three major European stock indexes closed slightly higher. The German DAX rose 0.19% to 25,114.25 points; the French CAC40 rose 0.31% to 8,364.65 points; and the UK FTSE 100 rose 0.01% to 10,498.29 points. 3. The WTI crude oil futures contract closed up 9.23% at $78.0 per barrel; the Brent crude oil futures contract rose 9.62% to $83.32 per barrel. 4. International precious metals futures generally closed lower, with COMEX gold futures falling 2.55% to $4008.70 per ounce and COMEX silver futures falling 3.63% to $57.98 per ounce.

Forecast for Silver Price: XAG/USD is rising quickly and is approaching the $20.00 mark

Alina Haynes

Sep 15, 2022 11:43

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Silver price recovers around the 50-day exponential moving average and advances towards a daily high of $19.69 on Wednesday after the US Labor Department reported that August PPI was in line with predictions of diminishing inflationary pressures on the producer side. Therefore, the XAG/USD is trading at $19.61, 1.86% higher than its initial price.

 

Before Wall Street opened, the Bureau of Labor Statistics (BLS) of the United States reported that the Producer Price Index (PPI) for August decreased by 0.1%, in line with expectations, while the year-over-year figure fell to 8.7%, less than the 9.8% reported in July. Meanwhile, the so-called core PPI, which excludes volatile goods, increased by 0.4% month-over-month and 7.3% year.

 

In the meantime, the US Dollar Index, a measure of the dollar's value against a basket of six currencies, ended Wednesday's session down 0.15 percent, at 109.648, weighed down by US Treasury yields, particularly the 10-year benchmark note rate, which remained unchanged throughout the day at approximately 3.404%.

 

The US Dollar Index reflects the aforementioned by declining by 0.09% and falling below the 110.000 barrier. Similarly, the US 10-year benchmark note rate exhibits signs of weariness, remaining flat at approximately 3.414%.

 

The fact that US 10-year TIPS yields, a proxy for actual yields, rose by only one basis point to 0.939% was a further factor supporting the white metal price.

 

On Thursday, the US economic calendar will contain jobless claims, retail sales, and the New York and Philadelphia Fed Manufacturing Indices, which will serve as a precursor to the ISM report in October.

 

The daily XAG/USD chart depicts the white metal as neutral to bearishly biased. Nonetheless, if silver buyers recapture the $20,000 threshold, this might pave the way for a test of a four-month-old downslope trendline near $20.20 prior to reaching the 100-day EMA at $20.39. A breach of the latter will reveal the cycle high from August 15 at $20.87, ahead of the psychological milestone of $21.00.


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