At closing, the MXV-Index rose 0.42% to 2,878 points, extending its gains for the fourth consecutive session. Wheat was the focal point, with its sharp price increase leading the overall market rally; conversely, silver prices in the metals market plummeted to their lowest level in over a week.
Wheat prices surged amid rising supply risks.
According to the Vietnam Commodity Exchange (MXV), the agricultural market showed positive signs in yesterday's trading session, with wheat being the focal point.
At the close of trading, Kansas wheat futures for May delivery surged 4.6% to around $245 per ton, while Chicago wheat also saw gains of nearly 2%, reaching approximately $224 per ton. Notably, the price difference between the two types of wheat widened to its highest level in over two years, reflecting differences in quality and supply risk between producing regions.
The main driver of rising prices comes from the prolonged drought in U.S. winter wheat-growing regions. Much of the planting area in the Southern Plains is being affected by adverse weather conditions, while short-term rainfall forecasts are considered insufficient to significantly improve soil moisture.
Furthermore, the lingering effects of early-season frosts, particularly in the absence of protective snow cover, have diminished crop growth potential. Against this backdrop, many organizations have revised down their forecasts for US winter wheat production, with estimated yields falling below approximately 33 million tons – the lowest level in several years.
Globally, the supply outlook is also not very positive, as the International Grains Council (IGC) has revised down its forecast for wheat production in the 2026-2027 season to around 821 million tons.
In the domestic market, the price of imported wheat continues to remain stable, fluctuating around 6,800 - 7,400 VND/kg depending on the variety and protein content. Import activity is also accelerating as businesses proactively take advantage of the stable and favorable price range to stockpile raw materials for production.
Metals under downward pressure, silver prices fall sharply as money flows reverse.
Conversely, selling pressure intensified in the metals market, particularly for silver. At the close of trading, COMEX silver prices fell by more than 3%, retreating to around $75-76 per ounce, marking a clear correction after a period of rapid growth and reaching their lowest level in over a week.
This development primarily reflects a shift in the macroeconomic environment, with US government bond yields remaining high, thereby driving up real yields and diminishing the attractiveness of non-yielding assets like silver. Simultaneously, the sharp rise in oil prices amid escalating geopolitical tensions has fueled concerns about prolonged inflation, reinforcing expectations that the Federal Reserve (FED) will maintain a cautious monetary policy for an extended period.
Regarding cash flow, profit-taking pressure is also increasing as silver continues to maintain very strong gains compared to the same period last year, making the market more sensitive to reversal signals. The inability of the price to break through the important resistance zone around 78-80 USD/ounce has triggered technical selling, accelerating the short-term correction process.
Notably, due to its dual nature as both a precious metal and its connection to industrial needs, silver tends to experience greater volatility than gold during market corrections, especially when macroeconomic factors and money flows change simultaneously.
Domestically, the price of 999 silver bars also faced downward pressure, falling to around 2.8 - 2.9 million VND/ounce. However, bargain hunting emerged when prices dropped sharply, helping the market quickly stabilize again this morning.
Source: https://baotintuc.vn/thi-truong-tien-te/mxvindex-tiem-can-vung-cao-nhat-ke-tu-dau-nam-lua-mi-dan-dat-da-tang-20260424110319310.htm
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