Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Agricultural & Energy Markets Fail to Log Gains

February 5, 2016 at 0:51 by Vladimir Vyun

Unlike the market of metals, agricultural and energy markets were unable to capitalize on the dollar’s weakness. Among losers were crude oil, corn and wheat.

Wheat fell due to reports about disappointing US export sales. Both corn and wheat also suffered because of ample supply.

Talking about supply, crude oil producers has not yet made progress in talks about the cut of production. Without such a deal, the global glut will likely crash the recent rally of oil prices, sending them back to multi-year lows.

March futures for delivery of WTI crude oil slipped 0.25 percent to $31.64 per barrel as of 00:45 GMT on NYMEX today. April contract for Brent crude dropped 1.66 percent to $34.46 per barrel on ICE. March corn fell 0.67 percent to $3.685 per bushel on CBoT. Wheat tumbled 1.51 percent to $4.7275 per bushel.

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