- The UN plans to help bring wheat prices down and even out exports.
- Concerns around supply and demand causing Platinum price volatility.
- Asia beginning to supply the west with gasoline
Wheat prices calm as the UN steps in
The price of wheat futures have dropped in the wake of the UNs announcement of their plans to “revamp” wheat exports, especially those that were affected by the war in the Ukraine. Expectations of an increase in control over wheat exports and therefore more certainty around supply has brought the price of wheat slightly down. Concerns around supply of wheat have been heightened by the Ukraines issues around exporting as their ports are being targeted by the Russian forces, in addition, the wheat supply from India has been stripped away from the international market.
Wheat Jul ‘22 Futures Price Chart
Platinum prices seeing volatility
On Wednesday the price of platinum futures hit $950, the price rise came amidst concerns that there will be an increase in demand in the automotive industry and a falling supply which is due to reduce the current surplus the metal has. There are concerns around supply due to the sanctions on Russia and operational problems with some of the largest producers in South Africa.
Platinum Jul ‘22 Futures Price Chart
RBOB Gasoline futures prices fall
Although the price of RBOB gasoline futures is decreasing the demand is expected to increase in the summer as driving increases, putting the supply under even more pressure. The West is turning to Asia to supply them with gasoline barrels, the increased supply is driving the price down, however whether or not that will last is under question.
RBOB Gasoline Jun ‘22 Futures Price Chart
Sources: finance.yahoo.com, tradingeconomics.com