Commodity market: Tough situation

The Vietnam Commodity Exchange (MXV) said that buying power still dominated, pushing the MXV-Index up 0.2% to 2,217 points - extending the increase to the third consecutive session.

Agricultural commodity market covered in green. Source: MXV

At the end of the trading session, positive sentiment continued to be maintained in the agricultural market with green covering the whole market.

Soybean prices extended their gains for the third consecutive session, rising 0.93% to $390 per tonne, driven mainly by concerns over supply shortages in major producing countries.

The main impetus came from Argentina's confirmation that it would not extend its preferential tax policy on corn, soybeans and related products, causing the export tax on raw soybeans to increase again to 33% from July 1, and soybean meal and oil to 31%. This decision is expected to significantly affect global supplies, as Argentina is one of the world's largest exporters of soybean meal.

For soybean products, both oil and soybean meal recorded slight increases, with soybean oil supported by expectations of the 45Z biofuel credit policy, despite falling energy prices.

Energy commodity market in red. Source: MXV

In the energy market, the red color covered the trading session. At the end of the trading session, Brent oil price recorded a decrease of 0.72%, down to 64.91 USD/barrel. WTI oil price also fell to 61.57 USD/barrel, corresponding to a decrease of about 1.58%.

Not only crude oil, other related commodities, especially gasoline, all recorded increased inventories last week, raising concerns about demand in the US in the coming time and putting downward pressure on oil prices.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-dien-bien-giang-co-703082.html