The Commodity Market Felt The Effect Of The Poor Market Conditions This Week - Wheat Futures, Platinum Futures & RBOB Gasoline Futures
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Summary:
- The future of the Wheat futures prices depend on the supply available as adverse weather conditions and geopolitical tensions continue.
- As embargos on Russia intensify, Platinum futures prices rise.
Wheat Futures
On Monday the price of Chicago Wheat Futures dropped, this came in the wake of the poor performance of the global markets. Since Monday the price of wheat futures have been recovering steadily. There are concerns around the market supply of wheat going forward, with Russia and The Ukraine exports decreasing due to the war, and the possibility of India reducing their exports amidst the heatwave causing their production to reduce.
As concerns around supply and demand and weather conditions continue, we are likely to see volatility in the price of Wheat Futures.
SRW Wheat Futures Jul ‘22 Price Chart
Platinum prices rise amidst concerns over supply.
Platinum futures prices seem to be recovering after hitting their one-week low on May 9th. The recovery comes as worries around Russian supply are renewed. The U.K announced GBP1.4 billion worth of import restrictions from Russia and a 35% increase in import tariffs on multiple products, including platinum. Hence, pushing prices up.
Platinum Jul ‘22 Futures
RBOB Gasoline prices
The price of RBOB gasoline futures, along with wheat futures and platinum futures have felt the effects of the poor market conditions this week. However, the price of RBOB gasoline is likely to continue to show bullish signals going forward, this will come as a result of the increasing concerns around supply.
RBOB Gasoline Jun ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
