Key Data Releases in Agricultural Markets:
- USDA World Agricultural Supply and Demand Estimates report: 12/01/2018
- SAGIS weekly grain trade data: 16/01/2018
- SAGIS producer deliveries data: 17/01/2018
- National Crop Estimates Committee’s data: 30/01/2018
- The started the day on a negative footing, weakening by 0.24% against the US Dollar from levels seen at midday yesterday. While the domestic political sentiment has generally improved since the ANC December 2017 conference, the day to day political developments continue to weigh on the market. At the time of writing, the Rand/US Dollar exchange traded around R12.42.
- The oil market pulled back from levels seen at midday yesterday, partly due to profit taking. This morning the oil price was down by 0.03%, trading around US$69.35 per barrel. With that said, the sentiment in the market remains bullish after the US Energy Information Administration reported that the country’s crude oil supplies fell by 4.9 million barrels in the week to 05 January 2018. This well below the American Petroleum Institute’s estimate of an 11.2 million barrels decline in US stocks.
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