Commodity markets plunged into the red, with the MXV-Index losing nearly 3%.

Global commodity markets closed the last trading week of May in the red as selling pressure spread from the energy sector to agricultural products.

Báo Tin Tức•01/06/2026

Oil prices plunged amid expectations of easing tensions in the Middle East, while the corn market faced further pressure from abundant supply in the US and South America. At the close of the week, the MXV-Index fell 2.8% to 2,820 points.

Expectations of peace in the Middle East are putting pressure on energy markets.

According to the Vietnam Commodity Exchange (MXV), the energy sector was the focus of the market's price decline last week as positive signals from the ongoing negotiations between the US and Iran eased concerns about the risk of global supply disruptions.

From the beginning of the week, strong selling pressure emerged in the oil market following reports that Iranian negotiators had arrived in Qatar to discuss the possibility of extending the current ceasefire. Although no official statement has been released, investors are beginning to expect that the parties may make new progress in their efforts to de-escalate tensions in the Middle East.

This sentiment was further reinforced in subsequent sessions as a series of reports indicated that the US and Iran were moving closer to an agreement to extend the ceasefire for another 60 days. If an agreement is reached, this would be a crucial step toward restoring stability in the region and facilitating the transport of energy through the Strait of Hormuz – a strategic shipping lane carrying approximately one-quarter of the world's seaborne oil.

As supply risks eased, the previously significant geopolitical risk premium narrowed considerably, driving oil prices down sharply throughout the trading week.

At the close of the week, WTI crude oil prices fell nearly 9.6% compared to the previous week, to $87.36 per barrel. Meanwhile, Brent crude oil prices lost as much as 11.1%, closing at $92.05 per barrel. Both commodities retreated to their lowest price levels since mid-April.

Besides geopolitical factors, the market is also under pressure from the prospect of increased supply in the US. The latest report from Baker Hughes shows that the number of active oil rigs increased by 4 last week, bringing the total to 429 – the highest level in 11 months. This is also the fifth consecutive week of increases, indicating that US energy companies are ramping up production amid relatively high oil prices.

In the domestic market, the downward trend in global oil prices has quickly been reflected in retail prices. During the price adjustment on May 28th, the Ministry of Industry and Trade and the Ministry of Finance simultaneously reduced prices for petroleum products. Notably, RON95-III gasoline decreased by nearly 1,400 VND/liter, equivalent to approximately 5.5%, while E5RON92 gasoline and diesel also decreased by around 1,100 VND/liter.

Corn is under pressure from energy and supply constraints.

In the agricultural market, corn was one of the commodities that experienced the sharpest price decline last week. At the close of trading, July corn futures on the CBOT fell 3.6%, to around $176 per ton.

According to MXV, the corn market is under pressure from both demand and supply. While falling oil prices are weakening the outlook for ethanol consumption in the US, favorable planting progress and positive crop prospects in the US and South America are increasing supply pressure.

The plunge in oil prices last week directly impacted the biofuel market. As ethanol production margins declined, expectations for corn consumption in this sector also became more cautious, thereby reducing the attractiveness of the world's largest grain commodity.

On the supply side, the U.S. Department of Agriculture (USDA) Crop Progress report shows that U.S. farmers had completed 86-89% of their corn planting as of May 24th, higher than the five-year average of 83%. Germination rates were around 60%, reflecting relatively favorable growing conditions.

The latest weather forecasts continue to bring positive sentiment to the market, as rainfall in the Midwest is assessed to be sufficient to improve soil moisture in many key producing states such as Iowa, Nebraska, Minnesota, and South Dakota.

Meanwhile, supply from South America continues to put pressure on prices. In Argentina, harvesting is progressing smoothly and about two-thirds of the area has been completed. Expert Michael Cordonnier has just raised his forecast for the country's corn production to a record 63 million tons. At the same time, Brazil's safrinha corn crop is also developing well with expectations of high yields.

In the domestic market, data from the Customs Department shows that as of May 15th, the country had imported nearly 4.7 million tons of corn with a total value of approximately 1.17 billion USD, an increase of over 40% in volume compared to the same period last year. In the first half of May alone, imported corn reached over 255,000 tons, meeting the growing demand of the domestic animal feed industry.