Commodities sold off across the board after the new Covid variant Omicron caused fear and uncertainty in Friday’s shortened session. Corn prices were in the red most of the day but turned green after better-than-expected export data from USDA took hold. Corn’s late-session rally helped prices jump more than 1% higher by the close, December futures added 6.5 cents to $5.8625, with March futures up 6.25 cents to $5.9175. Preliminary volume estimates were for 296,804 contracts, falling well below Wednesday’s … Continue reading “Corn Avoids Commodity Selloff After Strong USDA Export Data”
Australian mining giant Rio Tinto Group (RIO) on Friday reduced its 2021 Pilbara iron ore shipments forecast as the COVID lockdowns, Supply crunch were further hampered by a tighter labour market in Western Australia. These have all led to a delay of the completion of a new greenfield mine at Gudai-Darri.
Australia’s agriculture industry will produce a record $73 billion worth of produce in 2021-22 up from $66.3 billion in 2020-21 the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARE) September crop report released Monday said
Iron ore prices have continued to rise sharply following ongoing Chinese industrial output, Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin jumped to $172 per tonne in the third week of January. The highest level since October of 2011. At the same time Rio Tinto saw a 2.4% rise in Q4 iron ore shipments.
Australia delivered a trade surplus for the sixteenth month in a row. Australia’s a trade surplus was however lower than expected as signaled by the weaker than expected GDP with drought and mining affects.
Australian first quarter GDP was reported at 0.4% q/q lower than the expected 0.5% q/q but higher than the prior 0.2%. For the y/y 1.8% as expected 1.8% but lower than prior 2.3%. Government spending and exports the main sources for growth.
Australia delivered a trade surplus for the tenth month in a row. Australia’s a trade surplus was however lower than expected as signaled by the weaker than expected GDP with drought and mining affects.
Australian third quarter GDP was reported at +0.3% q/q much lower than the expected +0.6% and the previous quarter’s +0.9%, On a yearly basis the growth rate is 2.8 % lower than the expected +3.3% and prior +3.4%. The Australian dollar sold off sharply on the news.
Record exports saw Australia reach a much larger than expected trade surplus for the eighth month in a row. Australia’s a trade surplus was up from a revised A$1.548bn to A$1.604bn in August the ABS said. Exports of non-monetary gold soared 13% (A$229m).
The Australian Winter Crop report has been revised down by 12% from the June forecast by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) as drought plays havoc with conditions and forecasts.