Platinum Futures, Efforts To Slow Gas Prices Continue, Wheat Futures Down 6%

Summary:

• Platinum futures are down 1.11% during 2022.
• Russia declared that, once its requests have been satisfied by Ukrainian counterparts, it is willing to continue the trade agreement that ensures a safe passageway for grain-carrying vessels.
• EU efforts to lower high energy prices are slowing down the adoption of renewable energy.

Platinum Futures

According to trading on a contract for difference (CFD) that monitors the benchmark market for this commodity, platinum has dropped 10.67 USD/t oz. or 1.11% since the start of 2022.

✕ Platinum Jan ‘23 Futures Price Chart

Wheat futures fell 6% on Wednesday

Following news that trade for ships transporting grain out of Ukrainian Black Sea ports may resume operations, Chicago wheat futures plunged more than 6% to $8.5 per bushel on Wednesday, dropping considerably from the three-week high of $9 reached the prior session. Russia declared that, once its requests have been satisfied by Ukrainian counterparts, it is willing to continue the trade agreement that ensures a safe passageway for grain-carrying vessels. The action was taken after Moscow abruptly chose to terminate the agreement's participation at the end of October, citing security concerns that Kyiv refuted. The continuance of shipments from Ukraine will boost global supplies in addition to freeing up essential storage space for the upcoming harvest, increasing concerns about a global food crisis that drove wheat prices to a record-high $12.8 in May. Prior to February's Russian invasion of Ukraine, sales from both nations made up about 30% of all exports.

✕ Wheat Futures Price Chart

RBOB Gasoline futures

The CEO of one of the biggest wind turbine manufacturers in the world cautioned that EU efforts to lower high energy prices are slowing down the adoption of renewable energy just as the area wants to boost it up.

“Every indication is that the EU and governments have spent more time in finding taxation methods or trying to limit energy prices, which has actually slowed the process and project accruals,” Henrik Andersen, chief executive of Danish wind turbine manufacturer Vestas, told the Financial Times. In an effort to slow the growth in energy costs across Europe brought on by high gas prices, European energy ministers decided in September to set a $180 per megawatt-hour cap on earnings from the production of wind, solar, and nuclear energy.

✕ RBOB Gasoline Dec ‘22 Futures Price Chart

Sources: finance.yahoo.com, ft.com, tradingeconomics.com