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The latest commodities coverage from the TrustFinance editorial desk.
Chicago corn futures closed lower on Monday, pressured by a significant drop in crude oil prices that curbed ethanol demand and prompted traders to lock in recent gains.
ICE canola futures fell sharply on Monday, pressured by a significant drop in crude oil prices following signs of de-escalation in the Middle East. Favorable crop conditions in Canada added to the bearish sentiment.
The U.S. Treasury Department has removed 84 individuals and companies from its sanctions list, continuing a broad review aimed at modernizing the program and reducing compliance burdens for financial institutions.
Gasoline refining margins in Northwest Europe saw a significant increase on Monday, climbing by nearly $6 to $38.97 per barrel. The surge was driven by lower crude oil prices and persistent supply concerns, including Russia's extended export ban.
The oilfield services giant anticipates a slight dip in global capital expenditure as growth in the Americas and Africa is offset by reduced spending in Europe and a conflict-impacted Middle East.
Prices for European wheat futures declined on Monday as traders assessed the impact of recent attacks in the Black Sea, with key grain export terminals in both Russia and Ukraine appearing to have escaped significant damage.
Russian wheat export prices remained unchanged last week at $235 per ton, as ongoing Black Sea shipping tensions were balanced by a drop in global futures prices on unconfirmed speculation that restrictions could be relaxed.
Wheat futures are expected to open lower as traders cash in on recent gains, though ongoing supply concerns from the Black Sea conflict are expected to provide underlying support for prices.
Chicago soybean futures fell sharply on Monday, pulling back from a multi-year peak as traders booked profits and a significant drop in crude oil prices weighed on the market, despite solid export demand.
