Friday's Markets Update (June 9, 2023)

10 Jun 2023 by rate3

On Friday, traders refrained from taking significant positions in anticipation of the FOMC and played volatility shifting NASDAQ (o:13312, c:13259, -1.0%) and BTC (o:26673, c:26407, -1.0%) lower.

WASDE (World Agricultural Supply and Demand Estimates) Report was published showing that the worldwide forecast for wheat in 2023/24 indicates greater availability, increased demand, expanded trade, and larger inventories. Projected supplies are expected to grow by 10.8 million tons, reaching a total of 1,066.9 million tons. This increase is primarily attributed to higher production levels in Russia, India, the European Union, and Ukraine. Specifically, Russia's production estimate has been raised by 3.5 million tons to 85.0 million.

Other Markets Updates:

Russia: The annual inflation rate in May 2023 rose to 2.5% from 2.3% in April, showing acceleration after 12 months of decline, exceeding expectations of 2.4%. Services inflation increased to 11% from 9.4% the previous month, non-food prices rose 0.2% after a 0.3% decrease. Food costs went down 1% after remaining unchanged. Core consumer prices rose faster at 2.1% compared to 2%. On a monthly basis, consumer prices increased by 0.3% as expected.