Wheat prices rose on Thursday after US exports data and reports that dedicated wheat fields in Canada were less than expected, indicating a reduced harvest.

New export data from the US Agriculture ministry also underpinned prices, after showing the US sold 667,173 metric tonnes in the week ending June 20, above the expected range of $200,000 to 600,000 tonnes. 

Otherwise, the Canadian government’s reports showed the dedicated wheat fields totalled 26.64 million hectares, down 1.1% from last year. 

Otherwise, the European Commission expects wheat inventories in the EU to fall to 13.1 million tonnes in the year 2024/25 from 13.5 million tonnes, as exports increased by 0.55 million tonnes to 31.65 million tonnes in May.

Corn 

Corn prices due in December closed 0.6% higher at $4.33 a bushel.

Soybeans 

Soybean November futures fell 0.2% to $11.04 a bushel.

Wheat

Wheat September futures surged 3.6% to $5.79 a bushel. 

Ethereum rose on Thursday following data and controversial remarks about the future of the Federal Reserve’s monetary policy. 

Government data showed US GDP growth rose 1.4% y/y in the first quarter in the final reading, up from 1.3% in the secondary reading. 

Data also showed unemployment claims fell by 6 thousand last week to 233 thousand, below estimates of 235 thousand. 

Atlanta Fed President Raphael Bostic said the GDP and labor data show a slowdown in activity, which means the demand and supply balance is restoring, which could drag inflation down. 

Bostic expects the Fed to cut interest rates in the second half of the year, and he also expects inflation to hit the 2% target in 2025. 

Tomorrow, important US data on personal sending will be released, which the Fed relies on to gauge inflation

Ethereum

Ethereum rose 2% on the Coinmarketcap platform as of 20:47 GMT to $3450. 

US stock indices were mixed on Thursday following data that increased confusion about the future of monetary policies.

Government data showed US GDP growth rose 1.4% y/y in the first quarter in the final reading, up from 1.3% in the secondary reading. 

Data also showed unemployment claims fell by 6 thousand last week to 233 thousand, below estimates of 235 thousand. 

Atlanta Fed President Raphael Bostic said the GDP and labor data show a slowdown in activity, which means the demand and supply balance is restoring, which could drag inflation down. 

Bostic expects the Fed to cut interest rates in the second half of the year, and he also expects inflation to hit the 2% target in 2025. 

On trading, Dow Jones rose 0.2%, or 80 points as of 17:55 GMT to 39,209, while the S&P 500 rose 0.1%, or 3 points to 5481, as NASDAQ added 0.3%, or 50 points to 17,855. 

Oil prices rose in European trade on Thursday on track for the second profit in a row, and about to test two-month highs amid mounting geopolitical tensions in the Middle East.

Such developments overcame the unexpected rise in US crude stocks, which diminished hopes of a bump in demand in the summer season.

Prices 

US crude rose 1.1% today to $81.63 a barrel, with a session-low at $80.54. 

Brent rose 1.2% today to $85.20 a barrel, with a session-low at $84.12. 

On Wednesday, US crude rose 0.2%, while Brent rose 0.4% amid growing geopolitical tensions. 

Middle East Tensions 

Border tensions between Israel and Lebanon are increasing, with threats mounting of another war that could drag other regional powers, including the oil-producing Iran. 

Turkey’s President Rejeb Erdogan said his country supports Lebanon and called on other countries in the region to show their support. 

US Stocks 

The Energy Information Administration reported a buildup of 3.6 million barrels in US crude stocks last week to 460.7 million barrels, compared to expectations of a drop of 2.6 million barrels. 

Gasoline stocks rose by 2.7 million barrels to 233.9 million barrels, while distillate stocks fell by 0.4 million barrels to 121.3 million barrels. 

US Production

The EIA reported no change in US crude stocks at 13.2 million barrel, the highest since early March.