According to the Vietnam Commodity Exchange (MXV), buying power continued to dominate the world raw material market on the first trading day of the week (January 13). Notably, the energy group continued to lead the upward trend of the entire market with prices of all 5 commodities increasing simultaneously. Of which, crude oil recorded the second consecutive strong price increase and reached the highest level in 4 months.
Commodity market on 14/1/2025 in energy market
In the energy market, at the end of yesterday's trading session, the energy group continued to improve, in which crude oil recorded the second strong increase in price, reaching the highest level in 4 months in the context of the US increasing sanctions against Russia's oil industry, threatening to disrupt global oil supply.
At the end of the session, WTI crude oil prices increased by nearly 3% and approached the 80 USD/barrel mark. Meanwhile, Brent crude oil prices increased by 1.57% to 81 USD/barrel.
The US will impose some of the toughest sanctions ever on Russia’s oil industry, Reuters reported late last week, citing a US Treasury document. The measures target Gazprom Neft and Surgutneftegas, which exported about 970,000 barrels of Russian crude a day in the first 10 months of 2024, accounting for about 30% of the country’s seaborne crude exports, according to Bloomberg data. The US will also target insurers and traders involved in hundreds of Russian tankers.
Experts say the latest round of sanctions against Russia will severely disrupt crude oil imports from China and India, Russia’s biggest oil buyers. Chinese and Indian refiners are increasingly looking for alternative sources to avoid the impact of sanctions. This, along with Saudi Arabia raising its crude oil prices to Asia in February, has fueled the rise in oil prices.
A decline in the amount of crude stored worldwide on tankers also helped support oil prices. Vortexa said crude stored on tankers that were anchored for at least seven days in the week ended Jan. 10 was 50.59 million barrels, down 4.8% from a week earlier.
Commodity market on January 14, 2025 in agricultural market
As for agricultural prices, according to MXV, the agricultural market maintained its upward momentum in the first trading session of the week, as investors continued to evaluate data from the January World Agricultural Supply and Demand (WASDE) report. Soybean prices increased by 2.71% to $386.9/ton, reaching a more than three-month high.
According to the monthly WASDE report released on January 10, the US Department of Agriculture (USDA) said that soybean yield fell to 3.4 tons per hectare, significantly lower than forecast. Harvested area decreased by 101.2 hectares to 34.8 million hectares, bringing output down to 118.8 million tons.
Due to tight supplies, total inventories as of December 1 were nearly 3.1 billion bushels, 112 million bushels below forecasts and up just 98 million bushels from the same period last year. In the WASDE report, ending inventories were forecast to be down 90 million bushels to 380 million bushels, 77 million bushels below the previous estimate. Most of the demand factors on the balance sheet were unchanged, with the exception of an increase of 5 million bushels in imports.
Globally, USDA kept its figures for Brazil and Argentina unchanged. However, global ending stocks fell to 128.3 million tons, down 3.5 million tons from December and significantly below previous growth forecasts.
China imported a record 105.3 million tonnes of soybeans in 2024, up 6.5% from a year earlier, indicating that importers are continuing to ramp up purchases of US soybeans amid concerns over US-China trade tensions, especially ahead of President-elect Donald Trump’s inauguration.
Buying pressure in the soybean market in the evening session was bolstered by sales data. According to the daily export report, private exporters signed contracts to sell 198,000 tons of soybeans to China. The Weekly Delivery report recorded a total of 1.35 million tons of soybeans exported in the week ending January 9, up 5.5% year-on-year and 4.2% higher than the previous week. China was the largest destination with more than 543,000 tons, followed by Bangladesh with 179,167 tons.
Source: https://baodaknong.vn/thi-truong-hang-hoa-14-1-2025-luc-mua-tiep-tuc-ap-dao-tren-thi-truong-240211.html
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