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Samsung Electronics rose 2%, and SK Hynix rose 0.5%.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.

WTI struggles at $87 as recession worries probe OPEC's forecast and supply deficit fears intensify

Daniel Rogers

Sep 14, 2022 11:42

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After reverting from the weekly high, WTI crude oil traders seek clear direction around $87.50 during Wednesday's Asian session. However, the present hesitation in the price of black gold may be attributable to the mixed concerns regarding the demand-supply matrix.

 

The Organization of the Petroleum Exporting Countries (OPEC) indicated in a monthly report that oil consumption will climb by 3,1 million barrels per day (bpd) in 2022 and by 2,7 million barrels per day (bpd) in 2023, which is unchanged from last month. Despite obstacles such as rising prices, the news also highlighted indications that major economies were performing better than projected.

 

The news that the United States intends to replenish its emergency oil reserves, as well as the German and European move to control Russian oil and gas prices, could also be favorable for energy prices. In addition, rumors that the Western oil deal with Iran is a long way off are bolstering fears of a supply bottleneck and should have helped energy bulls.

 

Tuesday's US inflation statistics revived concerns about the Federal Reserve's fast rate hike and exacerbated recession concerns. Also acting as downward drivers for WTI crude oil are expectations of economic slowdown due to China and Russia-related concerns.

 

In spite of this, the US Consumer Price Index (CPI) for August increased by 8.3% year-over-year, surpassing market expectations by 0.1%. However, the monthly data increased to 0.1%, exceeding the -0.1% projected and the 0.0% shown in previous assessments. The core CPI, or CPI excluding food and energy, likewise exceeded the 6.1% consensus and 5.9% prior to printing at 6.3% for the month in question.

 

It should be mentioned that the weekly prints of the American Petroleum Institute's (API) industry inventory report also contributed to the commodity's downfall. The API Weekly Crude Oil Stock climbed to 6,035 million during the week ending September 9, up from 3,645,000 the previous week.

 

In the future, the price of black gold may stay under pressure due to a stronger US dollar and economic troubles. Before today's official weekly inventory data from the U.S. Energy Information Administration, however, the supply crisis concerns could test the bears (EIA). Thursday's US Retail Sales for the month of August and Friday's preliminary reading of the September Michigan Consumer Sentiment Index will also warrant close attention.

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