Today"s Digital Newspaper — In Asia, rice prices have dramatically increased and reached their highest level in nearly 15 years due to growing concerns over global supplies. Dry weather conditions in Thailand are predicted to impact rice production negatively. In addition to this, India, which is a major exporter of rice, has imposed bans on certain rice exports.
— Outside markets: The U.S. dollar index was weaker, with the euro, yen and Swiss franc firmer against the greenback. The yield on the 10-year U.S. Treasury note was trading around unchanged at 4.03%, with a mixed tone in global government bond yields. Crude oil futures were higher ahead of U.S. gov"t inventory data due later this morning, with U.S. crude around $83.85 per barrel and Brent around $87 per barrel.
Of note: Domestic spending has slowed amid a faltering economic recovery after the pandemic. China also suffered a worse-than-expected drop in exports, which fell by 14.5% year on year in dollar terms in July, the biggest decline since February 2020. — U.S. oil production is set to increase more rapidly than previously projected this year, largely due to better-than-anticipated well productivity and rising crude prices, according to the latest forecast by the U.S. Energy Information Administration . This increased U.S. output will contribute additional supplies to a market that has been strained due to Saudi Arabia's decision to reduce its oil production.
Bottom line: Even with these adjustments, the EIA's projection for total oil demand in the U.S. has increased due to the growing usage of natural gas liquids. — U.S. trade with the rest of the world fell in June as imports slid to their lowest level in 19 months, the latest sign that high interest rates are cooling economic activity. Imports fell 1% in June from the prior month to a seasonally adjusted $313 billion, the lowest since November 2021, the Commerce Department said. Exports declined 0.1%, and the overall trade deficit narrowed 4.1%.
— Australia to resume barley exports to China. The Australian government announced that CBH Group and Emerald Grain Australia, two of its major grain exporters, have been given the green light to resume barley exports to China. This follows the recent move by China to lift tariffs on Australian barley shipments. The announcement, made jointly by the Australian ministries of trade and agriculture, did not specify when the first post-tariff removal exports would occur.
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