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Real-time News
March 11 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) corn futures fell for the second consecutive trading day on Tuesday, with the benchmark contract closing down 0.3%, mainly due to a sharp decline in international crude oil futures. Trumps prediction that the war with Iran might end soon lowered market expectations for prolonged supply disruptions, causing crude oil prices to plummet by more than 13% on Tuesday. The previous trading day had seen prices surge to their highest level since 2022. Reports indicated that a convoy of at least 25 supertankers was diverting to the Red Sea due to shipping disruptions in the Strait of Hormuz. This news also negatively impacted the crude oil market. The USDAs supply and demand report showed that U.S. corn ending stocks for 2025/26 remained unchanged at 2.127 billion bushels, lower than the market expectation of 2.155 billion bushels. Brazils corn production forecast was revised upward by 1 million tons to 132 million tons, while Argentinas production forecast was revised downward by 1 million tons to 52 million tons.On March 11th, according to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Tuesday, with the benchmark contract down 0.7%, mainly due to a sharp drop in international crude oil futures. International crude oil futures plummeted by over 11% on Tuesday as US President Trumps statement that the war between the US and Iran would end quickly eased concerns about long-term global supply disruptions, putting downward pressure on the Chicago soybean oil market. The USDAs supply and demand report showed that soybean oil production was slightly revised down to 29.92 billion pounds, despite an increase in crush volume forecasts, due to a lower soybean oil extraction rate. Domestic soybean oil consumption in the US was slightly revised down, with a decrease in soybean oil usage in the biofuel industry, but this was largely offset by an increase in usage in the food, feed, and industrial (FSI) sector. The expected soybean oil usage in the biofuel industry was lowered by 800 million pounds to 14 billion pounds, while ending stocks were slightly revised up to 1.782 billion pounds. The 2025/26 US soybean oil price forecast was raised by 2 cents to 55 cents per pound.On March 11th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, with the benchmark contract rising 0.6%. Despite a sharp drop in international crude oil futures, Chicago soybean futures still closed higher. The U.S. Department of Agriculture released its highly anticipated monthly supply and demand report in the morning, but the market reaction was muted due to minimal adjustments in the data. The 2025/26 U.S. soybean ending stocks forecast remained unchanged at 350 million bushels, higher than analysts forecast of 343 million bushels. Brazilian soybean production was estimated at 180 million tons, while Argentinas production forecast was lowered to 48 million tons from 48.5 million tons last month. Global soybean ending stocks for 2025/26 are projected at 125.31 million tons, a decrease of 200,000 tons from February. Traders quickly refocused their attention on the impact of the ongoing conflict in the Middle East, U.S. spring planting intentions, and upcoming biofuel policies.Japans corporate goods price index fell 0.1% month-on-month in February, in line with expectations and down from 0.20% in the previous month.Japans corporate goods price index rose 2% year-on-year in February, below the expected 2.1% and the previous reading of 2.30%.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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