Chicago corn futures closed lower on Monday, weighed down by a significant sell-off in the soybean market and the headwind of a stronger U.S. dollar, which dampens the appeal of American exports.
Chicago soybean futures fell sharply after a new US-China trade agreement failed to include the key agricultural commodity in its list of tariff reductions, sending the most-active contract to its lowest price in over two years.
Brent and WTI crude futures declined on Tuesday as traders weighed uncertain diplomatic talks between the U.S. and Iran against data showing a recovery in crude oil exports from key Middle Eastern producers.
Gold prices edged higher on Tuesday but remained near a seven-week low following a sharp sell-off, as rising Treasury yields and expectations of further Federal Reserve interest rate hikes continued to weigh on the metal. Markets are now focused on upcoming U.S. inflation and jobs reports for policy clues.
European and UK natural gas prices rose on Tuesday, snapping a two-day losing streak, as traders refocused on geopolitical risks and the potential for a winter supply deficit. The benchmark Dutch TTF contract has surged over 160% since the start of the year.
Wells Fargo Investment Institute has reduced its year-end 2027 price target for gold, citing headwinds from rising interest rates and a strengthening U.S. dollar. Despite the downgrade, the institute maintains a positive long-term outlook for the precious metal.
Shell and its joint venture partners have approved a C$33 billion investment to double the capacity of the LNG Canada facility in British Columbia, a major move to bolster Canada's position as a global energy exporter.
Corn prices dipped slightly on the Chicago Board of Trade as the market anticipates the USDA's quarterly grain stocks report, which is expected to show a significant year-over-year increase in inventories.
Gold prices edged higher but are on track to end the month with a significant loss as investors brace for the release of the Federal Reserve's preferred inflation gauge, which will be critical for the outlook on interest rates.
