Close: London Session | Forex, Metals, Oil, Agriculture June 24, 2022

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Agriculture

The country warned of a worsening sugar shortage after missing its output target due to extreme weather and expensive fertilizers. Full warehouses | Corn is stacking up outside of Brazilian silos at the fastest rate in years after the country s biggest-producing region harvests a bumper crop. One Chinese property developer is trying to entice farmers to buy homes by accepting wheat and garlic as payment. For Putin, everything from wheat to information to energy is a weapon.

Currencies

The U.S. dollar slipped, while gold prices edged up.

Metals

Simandou is the world s biggest untapped iron ore resource.

Oil

Breakfast hit | A sharp rise in the prices of beans and peanut oil is making Nigeria s favorite breakfast snack unaffordable for the country s poor. Fuel Scarcity | Ghana faces a fuel shortage as the central bank rations dollars after oil prices surged following Russia s invasion of Ukraine. World s Dirtiest Oil, Gas Fields Are in Russia, Turkmenistan and Texas A new analysis finds the emissions from fossil-fuel production not just end use are substantial. BEFORE THE BELL Futures for Canada’s main stock index advanced, led by gains in oil prices, supported by tight supply.
Countries are already implementing emergency plans as Vladimir Putin starts to restrict supplies of natural gas.

United States

Mexican energy | The US is preparing to escalate its complaints that Mexico s state-favoring energy policies violate the nations free-trade agreement, people familiar with the matter said. Wall Street futures rose, as investors pivoted to safer bets amid growing worries that tighter monetary policies and surging inflation will cause a global recession. STOCKS TO WATCH BlackBerry Ltd: The company topped Wall Street estimates for first-quarter revenue on Thursday, powered by growth in its auto products and cybersecurity services segments.
The US is currently home to companies that dominate the $550 billion silicon industry when measured by revenue, but the majority of actual production takes place in Asia. The US is preparing to escalate its complaints that Mexico s state-favoring energy policies violate the nations free-trade agreement, sources say. In the 1950s, the early success of Russia s space program created a drive in the US to support scientific efforts that eventually led to the moon landings.
The panel also heard video testimony that House GOP Representatives who were some of Trump s most vocal supporters all contacted White House staffers seeking pardons. The US has never done industrial policy in the way that other countries have. The US is letting its silicon Sputnik moment pass it by.

Europe

Bonus War Reading: The European Union should think hard about admitting Ukraine.

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