| Commodity market today, August 6, 2024: Selling pressure remains widespread, MXV-Index continues to fall. Commodity market today, August 7, 2024: MXV-Index recovers after three weak sessions. |
Many industrial raw materials and energy commodities saw price increases, while red dominated the agricultural and metals markets. At closing, buying pressure prevailed, pushing the MXV-Index up 0.71% to 2,097 points.
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| MXV-Index |
Arabica coffee prices hit a three-week high.
At the close of trading on August 7th, prices of both coffee commodities continued their strong upward trend. Specifically, Arabica coffee prices jumped 4.39%, reaching their highest level in three weeks; Robusta coffee prices also rose 2.24% above the reference price, reaching nearly $4,500 per ton. The narrowing USD/BRL exchange rate and concerns about falling temperatures in Brazil also pushed prices higher.
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| Industrial raw material price list |
Wheat prices ended a five-session winning streak.
Wheat prices fell by approximately 1% yesterday, ending a five-session winning streak. The market faced strong selling pressure in the evening session, amid expectations of higher supply in the August WASDE ( World Agricultural Supply and Demand) report.
According to Reuters, U.S. wheat production for the 2024-2025 crop year is expected to increase to 2.015 billion bushels, up from 2.008 billion bushels in the previous report. This reflects positive crop conditions in recent weeks, particularly from weekly crop progress reports. Thanks to higher production, U.S. wheat inventories at the end of the 2024-2025 crop year are also projected to increase to 862 million bushels, up from 856 million bushels reported in July. The expectation of continued wheat inventory growth in this report is a factor that has put pressure on wheat prices.
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| Agricultural product price list |
December corn futures also fell by more than 1%, marking a second consecutive session of weakness. Positive supply prospects contributed to the selling pressure in the market.
According to the USDA's Brasilia branch, Brazil's total corn production for the 2024-2025 crop year is projected to reach 127 million tons, an increase of 5 million tons compared to the previous year, thanks to the end of the El Niño phenomenon. The agency also stated that Brazil surpassed the United States to become the world's largest corn exporter in 2023 after gaining access to the Chinese market.
In addition, the crop situation in the US is also quite positive. Forecasts indicate cool and dry weather in the Corn Belt region for the next five days. After this period, rain is likely to return, providing the necessary moisture for crop growth.
Prices of some other goods
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| Metal price list |
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| Energy price list |
Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-882024-luc-mua-chiem-uu-the-day-chi-so-mxv-index-tiep-da-di-len-337675.html
