Chicago wheat futures edged lower on Wednesday, pressured by technical selling and a decline in crude oil prices. However, losses were capped by persistent global supply concerns, including a new forecast for a smaller Canadian crop.
European Commission President Ursula von der Leyen has suggested Canada could become the EU's first 'associate member,' a legally undefined status aimed at creating a closer economic and strategic partnership.
The industry group voiced support for a new agreement securing emergency liquefied natural gas supplies from Malaysia's Petronas, calling for similar deals to further bolster Japan's energy security.
Financial markets are bracing for the Federal Reserve's policy decision, with a quarter-point interest rate hike overwhelmingly expected amid persistent inflation, rising oil prices, and a 10-year Treasury yield that has breached 5%.
Wholesale gas prices in Europe and the UK rose as storage facilities remain significantly below seasonal averages. The rally is amplified by recent comments from the European Central Bank identifying high energy costs as the primary threat to price stability.
Gold prices edged lower as investors braced for a key Federal Reserve policy decision, with persistently high oil prices and a multi-year peak in U.S. Treasury yields strengthening bets on another interest rate increase.
Saudi air defenses downed a drone launched by Houthi fighters near the holy city of Mecca, the Saudi-led coalition reported, marking a significant escalation in a series of attacks that have rattled global energy markets.
Crude oil benchmarks declined after industry data revealed an unexpected surge in U.S. stockpiles, overshadowing ongoing supply disruptions from Houthi attacks in the Middle East.
Crude oil futures retreated from multi-month highs after industry data revealed an unexpectedly large increase in U.S. stockpiles, overshadowing ongoing supply concerns from a pipeline disruption in Saudi Arabia.
