Commodity market on January 2, soybean prices recorded the second consecutive increase in the last trading session of 2024.
The global commodities market was temporarily closed yesterday due to the Lunar New Year holiday. According to the Vietnam Commodity Exchange (MXV), investment flows slowed in the market during the final trading session of the year. Notably, the energy market showed mixed performance, with crude oil prices recording their third consecutive day of gains, while natural gas prices plummeted nearly 8% after soaring more than 16% earlier in the week. In contrast to the general trend, all seven agricultural commodities saw gains.
Crude oil receives positive signals from China's economy
The energy market saw mixed performance with low liquidity in the final trading session of 2024. Crude oil continued its upward trend while natural gas experienced a sharp decline.
Specifically, WTI crude oil prices rose 1.03% to $71.72 per barrel and Brent crude oil prices increased 0.88% to $74.64 per barrel, marking the third consecutive day of gains for both commodities. Conversely, natural gas prices fell nearly 8% due to profit-taking pressure after soaring more than 16% earlier in the week.
 |
| Energy price list |
Oil prices received support from robust manufacturing activity in China in December. According to the National Bureau of Statistics of China, the manufacturing Purchasing Managers' Index (PMI) reached 50.1 points, the third consecutive month above 50 points, reflecting an expanding manufacturing trend. Simultaneously, the non-manufacturing PMI rose to 52.2 points, exceeding expectations of 50.2 points and reaching its highest level since March 2024. These data suggest that the Chinese economy is improving following stimulus measures implemented since September, positively supporting the outlook for crude oil demand.
In addition, expectations of a sixth consecutive week of declining US oil inventories also boosted buying interest. According to a Reuters survey, analysts forecast a 2.8 million barrel decrease in US commercial crude oil inventories for the week ending December 27th, following a 4.24 million barrel decrease the previous week. Distillate fuel inventories are expected to fall by 100,000 barrels, a smaller decrease than the 313,000 barrel decline of the previous week.
In addition, data from Vortexa shows that the amount of oil stored on tankers anchored for at least seven days in the week ending December 27th decreased by 16% compared to the previous week, to 60.27 million barrels.
Soybeans lead the price increase of agricultural products
According to MXV, at the end of the last trading session of 2024, the agricultural market recorded positive growth with all 7 commodities showing simultaneous improvements, with soybeans continuing their recovery trend.
Specifically, soybean prices recorded their second consecutive day of gains in the final trading session of 2024. However, selling pressure emerged as prices approached the psychological level of 1,000, narrowing the gains despite significant market volatility.
 |
| Agricultural product price list |
According to the Buenos Aires Grain Exchange, Argentine farmers have reduced soybean planting area compared to initial expectations, while increasing corn planting area. The agency adjusted Argentina's soybean planting area for the 2024-2025 crop year down to 18.4 million hectares, 200,000 hectares less than previously predicted due to falling prices. The report stated that Argentine farmers have completed planting 84.6% of the planned soybean area. With the reduced planting area and the risk of prolonged dry weather over the next two weeks, supply from Argentina may not meet market expectations, thus supporting prices in the short term.
Meanwhile, according to the Export Inspections report, the U.S. Department of Agriculture (USDA) stated that U.S. soybean shipments for the week ending December 26 totaled 1.57 million tons, down from 1.77 million tons the previous week due to the Christmas holiday. However, this information did not put significant pressure on the market.
For corn, the only agricultural commodity whose price weakened, the market faced profit-taking pressure after four consecutive sessions of gains, coupled with positive supply prospects from Argentina. The Buenos Aires Grain Exchange raised its forecast for Argentina's 2024-2025 corn crop to 6.6 million hectares, up from the previous estimate of 3 million hectares.
Source: https://congthuong.vn/thi-truong-hang-hoa-21-gia-dau-tuong-phuc-hoi-367450.html
Comment (0)