Nymex Platinum, Palladium Warehouse Stocks - Dec 26

Front Month Nymex Crude for Feb. delivery lost 48 cents per barrel, or 0.68% to $69.62 today

• Largest one day dollar and percentage decline since Thursday, Dec. 19, 2024
• Down six of the past eight sessions
• Off 19.89% from its 52-week high of $86.91 hit Friday, April 5, 2024
• Up 5.89% from its 52-week low of $65.75 hit Tuesday, Sept. 10, 2024
• Down 3.00% from 52 weeks ago
• Off 19.89% from its 2024 settlement high of $86.91 hit Friday, April 5, 2024
• Up 5.89% from its 2024 settlement low of $65.75 hit Tuesday, Sept. 10, 2024
• Off 52.08% from its record high of $145.29 hit Thursday, July 3, 2008
• Month-to-date it is up 2.38%
• Year-to-date it is down $2.03 or 2.83%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data

Front Month Nymex ULSD for Jan. delivery lost 1.62 cents per gallon, or 0.73% to $2.2053 today

• Largest one day dollar and percentage decline since Thursday, Dec. 19, 2024
• Down for five consecutive sessions
• Down 4.97 cents or 2.20% over the last five sessions
• Largest five day dollar and percentage decline since Friday, Dec. 6, 2024
• Longest losing streak since Friday, July 12, 2024 when the market fell for six straight sessions
• Down seven of the past eight sessions
• Lowest settlement value since Tuesday, Dec. 10, 2024
• Off 25.60% from its 52-week high of $2.9642 hit Friday, Feb. 9, 2024
• Up 7.16% from its 52-week low of $2.058 hit Tuesday, Sept. 10, 2024
• Down 13.73% from 52 weeks ago
• Off 25.60% from its 2024 settlement high of $2.9642 hit Friday, Feb. 9, 2024
• Up 7.16% from its 2024 settlement low of $2.058 hit Tuesday, Sept. 10, 2024
• Off 57.06% from its record high of $5.1354 hit Thursday, April 28, 2022
• Month-to-date it is up 0.56%
• Year-to-date it is down 34.78 cents or 13.62%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data

Live cattle futures rise following the latest cold storage report, which had total pounds of beef in U.S. freezers on November 30 up 2% from October, but down 4% from a year earlier. The USDA also reported frozen pork supplies down 8% on the month and 6% from last year, while stocks of pork bellies were up 39% from October but down 53% from last year. Steiner Consulting points to another USDA report, which showed an increase in quarterly hogs inventory as of December 1, saying it was unexpected. In low-volume holiday trade, live cattle futures gain 1.5% to $1.901 and lean hogs fall slightly to 84.20 cents. (paulo.trevisani@wsj.com; @ptrevisani)

March NY world sugar #11 (SBH25) Thursday closed down -0.28 (-1.43%), and March London ICE white sugar #5 (SWH25) did not trade with markets in the UK closed for the Boxing Day holiday.

NY sugar Thursday tumbled to a 3-1/4 month low and settled moderately lower. Sugar prices have been under pressure since last Thursday when India's Food Secretary Chopra said that India may allow sugar exports if there is a surplus once domestic ethanol blending requirements are met. The Indian government currently estimates a sugar surplus of about 1 MMT this season.

Sugar prices have also been undercut by the weakness in Brazilian real (^USDBRL), which encourages export selling by Brazil's sugar producers. The real is just above last Wednesday's record low against the dollar.

An improved global supply outlook is undercutting sugar prices. On November 21, the International Sugar Organization (ISO) reduced its 2024/25 global sugar deficit forecast to -2.51 MMT, compared to an August forecast of -3.58 MMT. ISO also raised its 2023/24 global sugar surplus estimate to 1.31 MMT from an August projection of +200,000 MT.

The outlook for higher sugar production in Thailand is bearish for sugar prices. On October 29, Thailand's Office of the Cane and Sugar Board projected that Thailand's 2024/25 sugar production would jump by +18% y/y to 10.35 MMT. Thailand produced 8.77 MMT of sugar in the 2023/24 season that ended in April. Thailand is the world's third-largest sugar producer and the second-largest sugar exporter.

Reduced sugar output in India is supportive of prices. The National Federation of India Cooperative Sugar Factories Ltd reported Monday that India's sugar production from Oct 1-Dec 15 fell -18% y/y to 6.1 MMT.

Sugar output from Brazil's Center-South has recently declined, which is a bullish price factor. Unica reported last Thursday that cumulative 2024/25 Center-South sugar output through November is down -3.7% y/y to 39.361 MMT.

Drought and excessive heat earlier this year caused fires in Brazil that damaged sugar crops in Brazil's top sugar-producing state of Sao Paulo. Sugar cane industry group Orplana said that as many as 2,000 fire outbreaks affected up to 80,000 hectares of planted sugarcane in Sao Paulo. Green Pool Commodity Specialists noted that as much as 5 MMT of sugar cane may have been lost due to the fires. Conab, Brazil's government crop forecasting agency, cut its 2024/25 Brazil sugar production estimate from November 21 to 44 MMT from a previous forecast of 46 MMT, citing lower sugarcane yields due to drought and excessive heat.

In a supportive factor for sugar prices, India's Food Ministry on August 30 lifted restrictions on sugar mills producing ethanol for the 2024/25 year that starts November, which may prolong India's sugar export curbs. Last December, India ordered sugar mills to stop using sugarcane to produce ethanol for the 2023/24 supply year to boost its sugar reserves. India has restricted sugar exports since October 2023 to maintain adequate domestic supplies. India allowed mills to export only 6.1 MMT of sugar during the 2022/23 season to September 30 after allowing exports of a record 11.1 MMT in the previous season. However, on October 3, the Indian Sugar and Bio-energy Manufacturers Association (ISM) said India will have 2 MMT of sugar to export next season and urged the government to lift its current sugar export restrictions.

The Indian Sugar and Bio-energy Manufacturers Association (ISM) on September 26 projected India's 2024/25 sugar production would fall by -2% y/y to 33.3 MMT and that India's 2023/24 sugar reserves will be at 8.4 MMT on September 30, compared with a May projection of 9.1 MMT.

As a supportive factor for sugar prices, the International Sugar Organization (ISO) on August 30 forecasted 2024/25 global sugar production of 179.3 MMT, down -1.1% y/y from 181.3 MMT in 2023/24.

The USDA, in its bi-annual report released November 21, projected that global 2024/25 sugar production would climb +1.5% y/y to a record 186.619 MMT and that global 2024/25 human sugar consumption would increase +1.2% y/y to a record 179.63 MMT. The USDA also forecasted that 2024/25 global sugar ending stocks would decline -6.1% y/y to 45.427 MMT.

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

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Wheat futures rise amid expectations of tight world supply in thin holidays trade. Russian exports of wheat are likely to decline sharply in the 2025/26 season, Black Sea grain consultancy SovEcon projects. The forecast, released earlier this week, calls for 36.4 million metric tons of Russian exports, down from 43.7 million tons in the current season. "This reduction is attributed to lower carry-in stocks and a projected decrease in wheat production," SovEcon says, adding that domestic feed wheat consumptions in Russia has increased due to poor barley and corn harvests. On the CBOT, the March contract for wheat, soybeans and corn rise more than 1%. (paulo.trevisani@wsj.com; @ptrevisani)

Wheat futures rise amid expectations of tight world supply in thin holidays trade. Russian exports of wheat are likely to decline sharply in the 2025/26 season, Black Sea grain consultancy SovEcon projects. The forecast, released earlier this week, calls for 36.4 million metric tons of Russian exports, down from 43.7 million tons in the current season. "This reduction is attributed to lower carry-in stocks and a projected decrease in wheat production," SovEcon says, adding that domestic feed wheat consumptions in Russia has increased due to poor barley and corn harvests. On the CBOT, the March contract for wheat, soybeans and corn rise more than 1%. (paulo.trevisani@wsj.com; @ptrevisani)