Platinum Futures, Wheat Touching 2-Month Highs, Gasoline Prices Are Falling

Summary:

• Platinum closed at their lowest level since November 2020.
• These wheat futures levels had not been reached since July.
• Gasoline prices are falling.

Platinum Futures

As global interest rates are expected to continue rising and should remain high for a prolonged period of time, even if it slows growth, platinum futures extended losses to below $850 per ounce, closing in on their lowest level since November of 2020. They have also been tracking other precious metals lower. The fed funds rate has already increased by 225 basis points since March at the Federal Reserve, the most potent central bank in the world. Fed policymakers are now advocating for rises to continue at least until the level of 4% in early 2019. Additionally, despite expectations that they would subside in the second part of the year, ongoing shortages and supply chain problems hurt the auto industry and lower demand for autocatalyst components.

✕ Platinum Oct ‘22 Futures Price Chart

Wheat Futures rally

Mid-September saw a rise in Chicago wheat futures as expectations of a robust supply continued to dwindle. These futures levels had not been reached since July. As President Putin condemned the UN-brokered agreement that established a secure corridor for grain transport along the Black Sea, worries about a sudden halt in exports from Ukraine continued to encourage higher prices in global wheat markets. Putin said that Russia had been "cheated" out of the deal and vowed to change any clauses that may limit supply to significant importers. In the interim, WASDE updated its global supply predictions, raising them by 3.6 million bushels to 1.1 billion bushels as increased production from Russia and Ukraine partially offset lower beginning stockpiles elsewhere. According to the Russian Ministry of Agriculture, the findings of the most recent winter harvest in Russia indicate record-high yields and harvest areas.

✕ Wheat Futures Price Chart

RBOB Gasoline Futures

United States - Reformulated Gasoline Blendstock for Oxygenate Blending (RBOB) Prices: According to the United States Federal Reserve, the price of regular gasoline in Los Angeles in January 2021 was 2.21600 dollars per gallon. Reformulated Gasoline Blendstock for Oxygenate Blending (RBOB) Prices: Regular Gasoline: Los Angeles historically peaked in January 2012 at 3.03400 and peaked in January 2003 at 1.03000. The following table gives the United States - Reformulated Gasoline Blendstock for Oxygenate Blending (RBOB) Prices along with a historical data chart and related metrics. Regular Gas: Los Angeles - last updated on September 20, 2022 by the US Federal Reserve.

✕ RBOB Gasoline Futures Price Chart

Sources: finance.yahoo.com, tradingeconomics.com