Open: New York Session | Forex, Metals, Oil, Agriculture May 26, 2023



North Africa is one of the world s top wheat buyers and already has been buying large amounts from abroad after another bad drought last year. Last year, Sudan imported almost 1.8 million tons of mainly Indian sugar, much of it going to neighbors such as Chad and the Central African Republic. That will push wheat yields in Morocco, Algeria and Tunisia 17% to 24% below the five-year average, with crop failures likely in some stretches. Those countries are now instead relying on Brazilian sugar coming in through West African ports.
Nonetheless, they can hold your coffee for up to eight hours without leaking. Russia s main wheat-growing area is in the south near the Black Sea, a long way from China.


Treasury yields are falling, most markedly at the short end, on debt ceiling optimism, while a measure of the dollar is weakening. Dollar Tree Inc: Piper Sandler cuts target price to $165 from $173, after the company lowered its full year earnings guidance. Gold prices edged up, helped by a dip in the U.S. dollar.


Gold prices are edging higher but still set for their third weekly decline.


Investors are expected to vote on a climate resolution activist shareholders have proposed demanding accelerated cuts to the planet-warming gases the company’s oil and gas business produces. TotalEnergies SE: French riot police used pepper spray against several hundred climate activists who sought to block shareholder access to oil major TotalEnergies’ annual general meeting. Photographer: Wikus de Wet/AFP/Getty Images Tullow Oil assumed full control of a project in Kenya after TotalEnergies and Africa Oil exited the joint venture.
Oil prices were stable as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Oil prices are set for a weekly gain, climbing higher today. Meanwhile, Oil India and ONGC are in discussions to buy a stake in Tullow s Kenyan assets. Take vegetable oil used for cooking and baking.

United States

BEFORE THE BELL Wall Street index futures edged up as investors refrained from making big bets amid ongoing U.S. debt ceiling talks that appear to have made some progress. Wall Street index futures edged up as investors refrained from making big bets amid ongoing U.S. debt ceiling talks that appear to have made some progress. You can see the rate cut expectations in the divergence in price action between the Sep 2023 and the Jun 2024 Fed funds futures contracts.
A deal on raising the US debt ceiling may finally be close, and changes to permitting for energy projects could be part of it. The market has been taking this on board, with Fed fund futures now pricing in less than 1 1/2 cumulative quarter percentage point cuts by January 2024. With the rate hike train nearing its end, discord is now greatest among Fed officials about the best policy path forward. Data released this week show the US doing better on employment and growth, while inflation is also marginally higher.
The shortfall in the region s domestic crops could boost imports to a record 31.7 million tons in the 2023-24 season, the US Department of Agriculture forecast this month. Its structure is also showing a little asymmetry, which also indicates weakening, according to the US Joint Typhoon Warning Center. Their more favorable pivot is also premised on resilient economic growth in the US, compared to China and Europe.


Ramaphosa waves as he walks past Chinese President Xi Jinping and Russian leader Vladimir Putin in 2019.


It s not just Brexit that s dried up the flow of European Union workers the UK used to depend on. From Poland to Portugal, EU economies are generating more jobs and better wages than Britain.