Platinum Futures, RBOB Gasoline Prices Remain Stubbornly High, Wheat Futures Touch 1-month Lows
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Summary:
- Platinum futures prices down 7.45% in 2022.
- 3rd week of October saw 1-month lows for Wheat.
- RBOB Gasoline prices are higher than it was for at least nine of the previous election cycles.
Platinum futures dropped in 2022
Since the start of 2022, platinum prices have dropped by 71.71 USD/t oz., or 7.45%, according to trading on a contract for difference (CFD) that monitors the benchmark market for this commodity.
Platinum Jan ‘23 Futures Price Chart
Wheat facing supply shortages
Chicago wheat futures dropped in the third week of October, lingering at levels not seen in a month, as the prospect of a supply shortage was allayed by progress in negotiations for grain trading agreements with the Ukraine. According to UN spokesman Dujarric, ongoing negotiations with Moscow over the expansion of the current agreement establishing a trade corridor for Black Sea ports have been positive and productive. This raises hopes that major exporter Ukraine will be able to ship wheat and free up much-needed silo storage space for the current harvest. According to the most recent World Agricultural Supply and Demand Estimates (WASDE), wheat exports will drop to a 50-year low as a result of low water levels along the Mississippi River slowing the shipments, and US domestic stocks have accumulated more than anticipated.
Wheat Dec ‘22 Futures Price Chart
RBOB Gasoline remain stubbornly high
Just three weeks out from the midterm elections, US pump prices are still stubbornly high, and the states suffering the most are those that will decide which party will control Congress. The most prominent inflation warning in America is the pump price, which is displayed on street corners around the nation. According to AAA data, the price of petrol was $3.88 per gallon during the first half of October, which is higher than it was for at least nine of the previous election cycles.
RBOB Gasoline Nov ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
