The commodity market is mixed, with the MXV-Index fluctuating around 2,900 points.

The global commodities market continued to experience a tug-of-war on May 21st, with a clear divergence in trends among different commodity groups.

At the close of trading, the MXV-Index edged down 0.6% to 2,906 points. Selling pressure continued to dominate the agricultural market, while the energy sector experienced significant volatility amid new developments related to US-Iran tensions and the outlook for global oil supply.

Oil prices reversed course as concerns about supply disruptions in the Middle East eased.

According to the Vietnam Commodity Exchange (MXV), the global crude oil market experienced a volatile trading session as conflicting information emerged surrounding the negotiations between the US and Iran.

At the start of the session, oil prices surged after news emerged of a tougher stance from Iran on issues related to its nuclear program. This development quickly raised concerns that negotiations could continue to be deadlocked, thereby boosting buying interest back into the market. At one point, oil prices rose nearly 4% in just the first few hours of trading.

However, the rapid upward momentum quickly narrowed as the market saw more positive signals regarding the prospects of negotiations between the two sides. Expectations of easing tensions and the possibility of shipping through the Strait of Hormuz resuming soon somewhat eased concerns about the risk of disruptions to oil supplies from the Middle East.

Besides geopolitical factors, the strengthening of the US dollar is also putting additional pressure on the energy market. In yesterday's trading session, the Dollar Index rose nearly 0.2% and has remained above 99 points since the beginning of the week. A stronger dollar makes commodities priced in USD more expensive for international investors, thereby putting pressure on demand in the commodities market.

At the close of trading, Brent crude prices fell by more than 2.3%, while WTI crude also lost nearly 2% of its value, dropping to its lowest level in almost two weeks.

Despite the recent oil price adjustments, overall prices remain high after the previous sharp increase, continuing to put pressure on the domestic energy market. In the price adjustment on May 21st, the Ministry of Industry and Trade and the Ministry of Finance significantly increased retail prices for all four petroleum products.
Notably, diesel prices increased by more than 1,500 VND/liter, equivalent to 5.64%, approaching 29,000 VND/liter. Meanwhile, RON95 gasoline prices increased by nearly 1,500 VND/liter, equivalent to more than 6.1%, surpassing 25,000 VND/liter.

Supply pressure returns to the wheat market.

In the agricultural market, world wheat prices reversed course and fell again as the outlook for supply continued to improve amidst a lack of significant signs of demand growth.

At the close of yesterday's trading session, Chicago July wheat futures fell nearly 2% to $238 per ton. Kansas wheat futures for the same delivery period also declined nearly 1.7%, to $252.4 per ton.

According to MXV, the biggest pressure on the market currently comes from the favorable crop outlook in the US. Recent field surveys by the Illinois Wheat Association show that average yields could reach approximately 6.91 tons/ha, significantly higher than previous forecasts. At the same time, expected rainfall in the Southern Plains next week is expected to improve soil moisture for the winter wheat crop, thereby alleviating concerns about damage from previous droughts and frost.

Meanwhile, in terms of demand, wheat continues to face competitive pressure as it is not expected to benefit significantly from the US-China trade agreements. Compared to corn and soybeans, wheat is currently not among the commodities considered likely to benefit greatly from China's agricultural import commitments.

Notably, the price difference between Chicago wheat and July corn futures remains high at nearly $68 per ton. This gap reduces wheat's competitiveness in animal feed formulations, forcing many mills to prioritize corn to optimize production costs.

Furthermore, the latest report from the USDA shows that US wheat sales for the new crop year reached only 130,500 tons, reflecting relatively weak future demand. Given the continued abundance of global supply, the wheat market is expected to remain under downward pressure in the short term.

Source: https://baotintuc.vn/thi-truong-tien-te/thi-truong-hang-hoa-phan-hoa-mxvindex-giang-co-quanh-vung-2900-diem-20260522110914572.htm