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On March 11, it was reported that on March 10 local time, Samsung Electronics and SK Group announced plans to cancel a total of 20.8 trillion won (approximately US$14.1 billion) of treasury shares.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.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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