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...“There is a long growing season ahead for soyabeans, but dry weather is delaying planting and could lead to a smaller area,” said Paul Hughes, chief agricultural economist at S&P Global Commodity Insights...
...Russia exported 46mn tons of wheat in 2022 and has forecast it will export 47mn tons this year, according to estimates from S&P Global Commodity Insights....
...This is likely to give Moscow just shy of 60mn tonnes to export this crop year and next — far more than usual, according to figures from S&P Global Commodity Insights....
...In a choppy session for equity markets, Wall Street’s benchmark S&P 500 closed 0.9 per cent lower and the tech-heavy Nasdaq Composite dropped 1.5 per cent....
...Chart of the day The S&P 500 rose 3.1 per cent in July after closing up 0.2 per cent yesterday at 4,588.96....
...The surging price of wheat following the Russian invasion of Ukraine put considerable strain on the balance sheets of Egypt, Turkey, Tunisia, Ghana, and Kenya....
...S&P recently upgraded Miami bonds to AA on this basis, even though the city expects the sea level to rise by up to 21 inches (53cm) by 2070....
...Perlman replaces former US Treasury secretary Timothy Geithner, who will become chair....
...Separately, the S&P Global manufacturing PMI also slowed to a reading of 52 in August from 51.8 in July. They were the lowest readings for the two gauges since the first half of 2020....
...Other European countries acted to curb prices only after Russia’s invasion of Ukraine sparked a surge in energy costs, as well as in the price of wheat....
...Japan’s Topix was up 0.8 per cent and in Australia, the S&P/ASX 200 gained 0.2 per cent....
...“It wasn’t just meant to cause pain in Europe for its own sake it was designed to change European policy,” said Laurent Ruseckas, executive director at S&P Global Commodity Insights....
...In the Caucasus, Tajikistan and Uzbekistan have a high food import dependency, and normally buy the bulk of their wheat from Kazakhstan which has export restrictions in place....
...The country is the world’s fifth-largest exporter of wheat and a leading supplier of corn and sunflower oil....
...The Teucrium Wheat Fund (WEAT), which invests in futures contracts, delivered returns of more than 48 per cent in the year to June 13, compared to -21 per cent for the $361bn SPDR S&P 500 ETF Trust, the...
...The phrase “Puzzle 5” is uttered throughout the Marriott with a sort of dread; it’s meant to separate the wheat from the chaff....
...Argentina, a major player in the global food market, accounting for 8 per cent of wheat exports, 18.5 per cent of corn and 40 per cent of soyabean oil and meals, has been badly hit by drought....
.... * Other futures contracts including wheat, silver and copper also declined, knocking the Bloomberg Commodity index 4.5 per cent lower. Stock markets also dropped....
...According S&P Global Platts, Russia and Ukraine together were projected to export 60mn tonnes of wheat in the crop year of 2021-2022....
...Investment vehicles tied to raw materials such as oil and wheat drew in net inflows of $38.7bn in the year to May 10, building on weekly inflow highs through March, according to data from Citi....
...The disruptions to wheat exports from Ukraine and Russia have sent wheat futures almost two-thirds higher. Read more on the day’s market moves...
...“Deepening shortfalls in the supply of metals, minerals, wheat and sunflower oil risk adding further inflationary risks and stifling businesses’ productivity across the automotive, aerospace, cosmetics,...
...The S&P finished marginally up, and the tech-heavy Nasdaq significantly so. Meanwhile commodities, from oil to copper to wheat, fell hard....
...Former CFTC Chairman Timothy Massad and I have laid out several areas where regulators can take action....
...In Chicago, wheat futures closed up almost 22 per cent at a fresh 14-year high of $12.89 a bushel, while in Asia on Friday, Chinese wheat prices jumped 6 per cent to a record high of Rmb3,595 ($568) a metric...
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