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Jobs reports give positive signals | Weekly Commodity Market Update​

Jun 11, 2024 #agnews #agmarkets #jobsreport

On this episode of Weekly Commodity Market Update, Will Robinson and Ben Brown dive into employment numbers and preview USDA's June supply and demand numbers.


0:00 Introduction
1:10 Market recap
2:05 Wheat drop
4:18 U.S. jobs
11:50 USDA June WASDE
14:45 Reports to watch

Morning Bid: Can this rally fight the Fed?​

June 12 (Reuters) - A look at the day ahead in U.S. and global markets by markets correspondent Naomi Rovnick

What a difference half a year makes. Traders started 2024 convinced that the U.S. Federal Reserve would be able to cut interest rates up to seven times by December.

Analysts now widely expect Fed officials not only to keep the funds rate at its 23-year high of 5.25% to 5.5% at the end of their monetary policy meeting on Wednesday, but also to project just one or two rate cuts this year, down from three.



Exclusive: Ghana to delay more cocoa deliveries as supply crisis worsens​

  • Ghana looking to roll 350,000 tons of cocoa deliveries to next season
  • Previous expectation was for 250,000 tons to be rolled
  • Cocoa prices have more than doubled this year alone
  • Chocolate makers raise prices as struggle to find beans
LONDON/ACCRA, June 12 (Reuters) - The world's second largest cocoa producer Ghana is looking to delay delivery of up to 350,000 tons of beans to next season due to poor crops, five sources told Reuters in a further worsening of the outlook for the global chocolate industry.

Chocolate makers around the world are raising prices for consumers after cocoa more than doubled in value this year alone following a third year of poor harvests in Ghana and Ivory Coast, responsible for 60% of global production.



Are US East & Gulf Coast Ports Heading Toward a Strike | The ILA vs USMX | Port Efficiency​

Jun 12, 2024 #supplychain #ila #port

In this episode, Sal Mercogliano - a maritime historian at Campbell University (@campbelledu) and former merchant mariner - discusses the discussions between the International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) regarding the master contract and the recent walkout by the ILA over port automation in Mobile, AL.


00:00 Introduction
02:06 ILA & USMX Contract Negotiations
07:19 US Port Efficiency
14:32 Conclusion

- Potential Strike Action at U.S. East and Gulf Coast Ports Threatens Further Disruption https://gcaptain.com/potential-strike...
- Longshoremen reject further talks with US Maritime Alliance amid automation concerns https://container-news.com/longshorem...
- International Longshoremen's Association https://ilaunion.org/
- United States Maritime Alliance, Ltd. https://www.usmx.com/
- The Container Port Performance Index 2023: A Comparable Assessment of Performance based on Vessel Time in Port https://documents.worldbank.org/en/pu...

Morning Bid: The day after the Fed​

June 13 (Reuters) - A look at the day ahead in markets from Dhara Ranasinghe.

It's back to the markets versus the U.S. Federal Reserve.

While the central bank on Wednesday pushed out the start of rate cuts to perhaps as late as December, markets (and many economists) beg to differ.

Traders price a roughly 65% chance of a quarter point move in September and more or less fully price in a move by the November meeting -- which falls two days after the U.S. presidential election.



Scrap Metal Market Update: Copper Stabilizes, Aluminum Holds Strong, Steel Weakens​

📈 Check Scrap Prices: https://iScrapApp.com/ - In this week’s scrap metal market report, we are pleased to share that copper prices have stabilized after a tumultuous four weeks, returning to early May levels. This stability brings predictability to the market, benefiting both scrap yards and scrappers. We'll discuss the factors driving this stabilization and the positive outlook for copper due to increasing demand. Additionally, we cover the slight decline in aluminum prices, the ongoing struggles in the steel market, and the steady but weak prices for catalytic converters. Learn about the fluctuations in nickel prices and the stable demand for stainless steel, and discover why the long-term outlook for the scrap metal recycling industry remains promising. Stay tuned for insights and strategies to navigate these market trends effectively.
👉 Read more: https://iscrapapp.com/blog/weekly-scr...


DIA Report on Houthi Attacks and Pressure on International Trade​

The following is the June 13, 2024, Defense Intelligence Agency report, Yemen: Houthi Attacks Placing Pressure on International Trade.

From the report

Since November 2023, the Houthis have conducted dozens of attacks on commercial ships transiting the Red Sea, endangering civilian crews and threatening freedom of navigation through a critical global transportation route. The Houthis are non-state actors in Yemen who have used Iran’s support to gradually expand their military capabilities since at least 2015. In early December 2023, the Houthis threatened to attack any ships that they believed were heading to Israeli ports, though many of their attacks both before and since have been against civilian ships with either tenuous or no known Israeli affiliations or port calls.

Since mid-December 2023, the Houthis have also threatened to attack ships affiliated with the United States and its allies, including members of Operation PROSPERITY GUARDIAN, a multinational initiative to protect international freedom of navigation in the Red Sea.



Morning Bid: Consumer check, but don't forget France and Japan​

June 14 (Reuters) - A look at the day ahead in U.S. and global markets by Alun John.

How U.S. consumers are feeling is the question for today, though it could be one of those relatively rare occasions when it's developments in Europe and Asia that are driving the macro picture.

The University of Michigan's consumer sentiment survey is due and last month's reading was at a six-month low.

It will be interesting to see whether last month's cooler inflation has had much of an effect, though it is likely to be too soon for people to have noticed, and the data is quite choppy anyway.



Take Five: Kick off​

June 14 (Reuters) - Central bank decisions in Britain, Switzerland and Norway are expected to provide more evidence that the global rate cutting dash is slowing to a crawl, while retail sales data from the United States and China will provide a consumer health check.

A supply crisis puts cocoa markets in the spotlight and Europe gears up for a summer of sports with the Euros 2024 tournament kicking off in Germany.

Here's the lowdown on the week ahead in world markets from Lewis Krauskopf in New York, Rae Wee in Singapore, and Dhara Ranasinghe, Marc Jones and Karin Strohecker in London.


Fearnleys Week 24

Drewry - WCI 13 June

Capital Link Shipping Week 24


August feeder cattle futures jump $7 on the week | Weekly Livestock Market Update​

Jun 14, 2024 #agriculture #news #markets

On this week's episode of Weekly Livestock Market Update, Brownfield's Meghan Grebner and ag economist Scott Brown talk August feeder cattle futures jumping $7 on the week, and more.


Morning Bid: Buoyant US eyes French angst, China home woes​

June 17, 2024 6:09 AM EDT

A look at the day ahead in U.S. and global markets from Mike Dolan

Wall Street stocks and bonds remained relatively buoyant after last week's action-packed macro week with world markets drawn more to French political uncertainty and the deepening Chinese home price bust.

With trouble brewing overseas, Wall Street stock futures held the line close to last week's new records on Monday as Goldman Sachs raised its 2024 year-end S&P500 (.SPX), opens new tab target to 5,600 from 5,200 earlier and Friday's 5,431 close.


US farmers shun buyers, cling to unsold corn as prices slump​

CHICAGO, June 17 (Reuters) - South Dakota farmer Eric Kroupa received a flurry of calls from grain dealers and ethanol plants asking to buy the corn locked away in his bins when prices neared 4-1/2-month peaks last month.

He sold some, but is waiting for buyers to up their bids to sell more. Prices have since eased and are hovering just above three-year lows posted in February.

"There's a lot of corn out there but it's sitting in the farmers' bins and not the end-users' hands," Kroupa said.



China opens tit-for-tat anti-dumping probe into European pork​

BEIJING, June 17 (Reuters) - China has opened an anti-dumping investigation into imported pork and its by-products from the European Union, a step that appears mainly targetted at Spain, the Netherlands, France and Denmark in response to curbs on its electric vehicle exports.

The investigation announced by China's commerce ministry on Monday will focus on pork intended for human consumption, such as fresh, cold and frozen whole cuts, as well as pig intestines, bladders and stomachs. The probe will begin on June 17.



Western rare earths supply chain springs into gear​

MELBOURNE, June 17 (Reuters) - Global supply chains for rare earths are realigning to diversify away from top producer China to make permanent magnets used in products from electric vehicles to wind turbines and drones.

Below are companies that have or are building production facilities for rare earth compounds, metals and magnets to reduce the West's current near-total dependence on imports from China.

Rare earths processing occurs in two main stages. The first involves extracting the rare earths from ores containing other minerals and concentrating them into a mixed rare earth concentrate or carbonate. The second is a more complex stage that separates the rare earths into individual oxide compounds. From there the products are turned into metals used to produce magnets.




Morning Bid: New highs as retail eyed, Europe calms​

June 18, 2024 6:06 AM EDT

A look at the day ahead in U.S. and global markets from Mike Dolan

Tech-led Wall Street stocks have sailed to new records again this week, with Tuesday expected to see retail sales return to growth and as nervy European markets calmed for a second day.

The relentless outperformance of U.S. tech megacaps on the artificial intelligence theme now has the Nasdaq (.IXIC), opens new tab nearing 20% gains for the year to date, outstripping the S&P500 (.IXIC), opens new tab by more than 4% - while the equal-weighted S&P index (.EWGSPC), opens new tab is only up a relatively meagre 3.3% for 2024.



Along Peru's mining corridor, Big Copper faces a snarl of trucks​

LIMA, June 19 (Reuters) - Surging copper prices this year have brought startling growth in the number of trucks carrying copper from illegal mines in Peru, jamming roads, causing accidents and creating hazardous conditions especially after dark along the Andean country's key "mining corridor" highway, industry sources told Reuters.

With copper demand soaring as the world rapidly moves toward electric vehicles and clean energy, illegal mining has been booming. Trucks linked to artisan and illegal mining operations have been crowding vehicles from mines like Chinese-controlled MMG Ltd's (1208.HK), opens new tab Las Bambas, Hudbay's (HBM.TO), opens new tab Constancia and Glencore's (GLEN.L), opens new tab Antapaccay.



Weekly Scrap Metal Insights: Copper’s Bounce Back & Steel’s Continued Decline​

📈 Check Scrap Prices: https://iScrapApp.com/ - As the country experiences extreme heat, it's important to stay hydrated and take care of yourself while scrapping. This week's update focuses on the recent rebound in copper prices, despite significant volatility over the past two months. We'll also discuss aluminum's stable growth, the continued downturn in steel prices, and the stability in catalytic converter prices. Additionally, we cover the strong performance of rare earth metals and the decline in nickel prices. Get the latest insights and strategies to navigate these market trends effectively and stay informed about the broader impact of moderate oil and gas prices on the transportation sector.

👉 Read more: https://iscrapapp.com/blog/weekly-scr...

Asian Markets

Morning Bid: Asian stocks at 2-year high; China, Indonesia set rates​

June 19 (Reuters) - A look at the day ahead in Asian markets.

No Wall Street, no problem.

Investors in Asia go into Thursday in a bullish mood with Asian stocks at two-year highs, boosted by strength in tech and calm across global markets that is keeping a lid on volatility and loosening financial conditions.

U.S. markets were closed on Wednesday but investors weren't fazed by any potential liquidity concerns - the MSCI Asia ex-Japan index leaped more than 1% to its highest since April 2022, and the MSCI World index hit a record high.

Highlights from Thursday's Asia and Pacific calendar are interest rate decisions from China, opens new tab and Indonesia, and first quarter GDP figures from New Zealand.

The People's Bank of China is likely to keep benchmark lending rates unchanged, after holding its medium-term lending facility (MLF) loans steady earlier this week. Markets mostly use MLF rates as a guide to lending benchmarks.

Economic activity and indicators remain sluggish, opens new tab though, and pressure to ease in the coming months is mounting.



AMERICAS Stocks up as Swiss cut again, BoE eyed; yuan slides​

June 20, 2024 6:05 AM EDT

A look at the day ahead in U.S. and global markets from Mike Dolan

Wall Street returns from its midweek break to find record high stocks still chomping at the bit, with overseas monetary easing in focus as the Swiss cut interest rates for the second time this year and the Bank of England decision now awaited.

With artificial intelligence still the dominant driver stateside, Nvidia's (NVDA.O), opens new tab vault on Tuesday to become the world's most valuable company offers the latest twist. It's stock was another 1% higher again before Thursday's bell and S&P500 futures were up 0.4%.

With the dollar buoyant across the piece, China continued to offer a nervy counter point to ebullient world markets.

The offshore yuan skidded to its weakest level of the year even as the People's Bank of China left its interest rate setting unchanged and Chinese stocks once again bucked the world trend.

Down again on Thursday, mainland Chinese stocks (.CSI300), opens new tab have now underperformed the wider MSCI all-country index (.MIWD00000PUS), opens new tab by some 8% this year.


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