World raw material prices reversed and went down

Closing the day, the MXV-Index of 3/4 commodity groups was in red, pulling the MXV-Index down 0,58% to 2.223 points. The transaction value of the entire Department is more than 5.200 billion VND.

Wheat prices plunge more than 2%

Closing the trading session on March 26, prices of all 3 agricultural products were under selling pressure. Among them, wheat is the commodity leading the decline, plunging more than 7%. According to MXV, in addition to the market's profit-taking selling pressure, prices continue to face strong competitive pressure from abundant supply in the Black Sea region. Specifically, SovEcon said Russia exported 2 million tons of wheat last week, up from 1,14 million tons a week earlier. SovEcon also forecasts that the country's wheat exports in March could reach a record level of 0,93 million tons, compared to 3 million tons in the same period in 5.

Wheat prices plunge more than 2%

Corn prices also extended their weakening trend for the third consecutive session. After a period of struggle at the beginning of the session, selling pressure was strongly boosted in the evening session, when the market reacted to positive signals about Brazil's production prospects. At the end of the session, the May contract price recorded a sharp decrease of 3%.

Agricultural product price list

According to CONAB, Brazil's first corn harvest progress in the 1/23 crop year has reached 24% of the expected area, higher than 42,8% in the same period last year. For the second crop, planting is now about to end with 41,9% of the area completed, compared to 2% in the same period last year. Overall, field work in this South American country is still going relatively smoothly, minimizing the risk of planting second-crop corn outside the ideal time frame.

In addition, Brazil's National Meteorological Institute (Inmet) said the country received good rainfall across the country on March 26. According to Inmet, rain will continue in the midwestern region of Brazil throughout this week. Expectations that more favorable weather will help recover and support crops in the growing region, while strengthening the country's supply outlook this year. This is the main factor that had a "bearish" impact on corn prices last night.

In the US, most markets are predicting that the 24/25 corn planting area announced in the upcoming Prospective Planting 2024 report will be at 91,78 million acres. This figure is higher than the 91 million acres given in the previous Ag Outlook conference, reflecting market expectations that the size of the US crop this year will be larger than expected. The above information also contributed to adding pressure in the last session.

On the domestic market, it was recorded that on the morning of March 26, the price of South American corn imported to our country's ports increased slightly. At Cai Lan port, South American corn futures for April delivery are at 3 - 4 VND/kg. For the May delivery term, the asking price fluctuates at 6.500 - 6.550 VND/kg. Meanwhile, the selling price of imported corn at Vung Tau port was recorded as 5 VND/kg lower than the transaction price at Cai Lan port.

The metal market is on fire

At the end of yesterday's trading day, red almost covered the metal price list. For precious metals, silver prices turned down 1,08%, stopping at 24,62 USD/ounce. In contrast, platinum prices increased for two consecutive sessions, closing at 909,3 USD/ounce thanks to a modest increase of 0,06%.

Precious metal prices are under pressure as investors show caution before the US releases an important inflation report, especially in the context of many mixed clues about the Federal Reserve's interest rate outlook. America (FED) as it is now. Chicago Fed President Austan Goolsbee said he forecast three interest rate cuts this year. On the contrary, FED Governor Lisa Cook warned that the FED needs to proceed carefully when deciding when to start cutting interest rates.

Metal price list

However, platinum prices still increased due to concerns about supply disruptions in South Africa, the world's largest platinum mining country. According to Bloomberg, South African state-owned power company Eskom plans to deploy phase 2 of load shedding, removing 2.000 megawatts from the power grid. The power cut process is still being implemented and there has been no new announcement from Eskom.

For basic metals, iron ore prices recorded the strongest decrease in the group, losing 3,95% to 103,32 USD/ton, the lowest in a week. In the morning session, prices received positive buying pressure after Fitch Ratings raised its ore price forecast to 105 USD/ton this year, 90 USD/ton in 2025 and 85 USD/ton in 2026, respectively up from 95 USD/ton, 80 USD/ton and 75 USD/ton.

However, prices quickly reversed and dropped again because investors were still skeptical about consumption demand in China. Data from consulting firm Mysteel showed that the volume of seaborne iron ore shipments into China fell 73,4% from last Friday to 380.000 tonnes on Monday.

In another development, COMEX copper price experienced a rather tense trading session, ending with a slight decrease of 0,19% to 4 USD/pound. On the one hand, sluggish consumption still puts pressure on prices. On the other hand, copper buying was triggered by expectations that China would increase economic stimulus to achieve its ambitious growth target of about 5%.

Specifically, according to the average estimate in a Bloomberg survey, the People's Bank of China (PBOC) is expected to make two more cuts to the required reserve ratio (RRR) this year, more than one. times compared to the previous survey. In addition, PBOC may cut medium-term lending rates and basic lending rates starting from the second quarter.

Prices of some other goods

Price list of industrial raw materials

Energy price list