Wheat Prices Enter June On A Four Week Low Platinum Prices Rising Again, RBOB Gasoline Prices Reach New High
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Summary:
- Wheat prices dropping as supply concerns ease.
- As China begins to lift covid-19 restrictions, demand for platinum is rising.
- RBOB gasoline prices rally in the wake of EU oil embargo.
Wheat prices reach their lowest in four weeks
Chicago wheat futures reached their lowest in four weeks on Thursday, as commodity traders carefully monitor the possible maritime trade corridors for Ukrainian wheat and fertilizers. The Russian president, Putin said that Russia was willing to open safe corridors to allow foreign ships to leave the both the Black Sea and the Sea of Azov ports, which would allow commercial shipping of Ukrainian grains after three months of war in the country, should western countries lift sanctions.
In the United States there are higher projections for wheat in the future and in addition, the wheat prices remain supported thanks to India’s decision to impose a wheat embargo in an attempt to guarantee food security.
Chicago Wheat Futures Price Chart
Platinum Prices increased
As China begins to re-open their economy after their covid-19 lockdown restrictions, the demand for platinum is increasing. Although the global outlook for metal use in car manufacturing will decline overall in 2022, concerns around supply and demand are still driving the price fluctuations of Platinum.
Platinum Futures Price Chart
RBOB gasoline
RBOB Gasoline prices have risen to a new high at the start of the summer season. The latest rally comes in the wake of the European Union implementing a ban of seaborne oil imports from Russia, creating further concerns around supplies.
RBOB Gasoline Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com
