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Platinum Futures, Gasoline Prices Are Declining, Wheat Futures Recovering From 5-week Lows

Platinum Futures, Gasoline Prices Are Declining, Wheat Futures Recovering From 5-week Lows| FXMAG.COM
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Table of contents

  1. Wheat futures demand prospects look dim
    1. RBOB Gasoline prices are declining
    2. Platinum Futures

Summary:

  • Chicago wheat futures were recovering from the five-week low.
  • Gas prices are not far from where they were when Russia invaded Ukraine.
  • Platinum prices have declined by 0.8% in 2022.

Wheat futures demand prospects look dim

In response to concerns over supply and a weaker dollar, Chicago wheat futures were recovering from the five-week low of $8.3 set on October 25. The Rosario grain exchange reduced its forecast for the 2022–23 harvest by 1.3 million tonnes to 13.7 million due to droughts in Argentina. In the interim, Ukrainian authorities said that strikes by Russia prevented Ukrainian ports from operating to their full capacity, which was reduced to 25%. The exporter will be able to ship wheat and free up much-needed silo storage space, the UN continued to express optimism regarding the expansion of the safe trade corridor for Ukrainian Black Sea ports. Demand indicators remained disappointing in the interim. The latest indication of weaker international demand came from data from the United States, which showed a 46% weekly fall in exports for the week ending October 21. Additionally, according to Chinese customs figures, 370 000 tonnes of wheat were imported in September, which is a 40% decrease from the same month last year.

platinum futures gasoline prices are declining wheat futures recovering from 5 week lows grafika numer 1platinum futures gasoline prices are declining wheat futures recovering from 5 week lows grafika numer 1 Wheat Futures Price Charts

RBOB Gasoline prices are declining

In advance of the midterm US elections, gas prices are declining, relieving pressure on Democrats who are dealing with high fuel prices in crucial swing states and elsewhere across the nation. Since its peak of more than $5 in June, the national average price for a gallon of gasoline has dropped by $1.25, prompting administration officials like White House Chief of Staff Ron Klain to draw attention to the drops.

According to Biden officials who regularly review the data, the national average price is currently not far from where it was when Russia invaded Ukraine in late February. Officials from the Biden administration have nonetheless stated in closed-door conversations that the national average should be closer to $3.20.

platinum futures gasoline prices are declining wheat futures recovering from 5 week lows grafika numer 2platinum futures gasoline prices are declining wheat futures recovering from 5 week lows grafika numer 2 RBOB Gasoline Futures Price Chart

Platinum Futures

Since the start of 2022, the price of platinum has dropped by 7.67 USD/t oz., or 0.80%, according to trading on a contract for difference (CFD) that monitors the benchmark market for this commodity.

platinum futures gasoline prices are declining wheat futures recovering from 5 week lows grafika numer 3platinum futures gasoline prices are declining wheat futures recovering from 5 week lows grafika numer 3 Platinum Futures Price Chart

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


Rebecca Duthie

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance. 


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