Nasdaq Commodities

Daily energy market commentary provided by Nasdaq Corporate Solutions Advisory Services' Energy Team.

Nigeria's cocoa harvest is forecast to fall by 4.4% to 296,000 metric tons this year as ageing trees and a lack of access to adequate pesticides lowers yields, commodities exchange AFEX said in a report on Thursday.

The International Grains Council (IGC) on Thursday raised its forecast for 2023/24 global corn production by 4 million metric tons to 1.223 billion tons.

Chicago soybean futures eased on Thursday as forecasts of rain relief for crops in top exporter Brazil helped cool supply concerns that pushed prices to a 2-1/2-month top this week.

Arabica coffee futures on ICE turned lower on Thursday after touching the highest level in nearly five months as the market focused on the extent to which a heatwave in Brazil could dent the outlook for next year's crop.

Ukraine has sharply reduced its exports of farm goods to Asian and African countries so far in 2023 due to blocked seaports in the Black Sea, which has traditionally been the main export route, agricultural business association UCAB said on Thursday.

Macy's on Thursday reported an improvement in margins and a lower-than-expected drop in quarterly sales, sending its shares 10% higher in premarket trading.

A total of 262,750 metric tons of white sugar has been tendered against the December contract on ICE Futures Europe, exchange data showed on Thursday.

Macy's beat analysts' estimates for quarterly sales on Thursday, helped by healthy inventory that cushioned a declining consumer spending.

Japan's Sumitomo Metal Mining is considering producing cathode battery materials in the United States among other options as it looks to expand output to meet demand from electric vehicles, an executive said on Thursday.

Excessive rainfall during winter grain sowings in France and to a lesser extent Germany will lead to a fall in the European Union's total soft wheat area for next year's harvest, hurt yields and support prices, consultancy Strategie Grains said.

Formula One motor sports, which routinely draws top-tier luxury sponsors like Rolex, is expanding its roster of partners to retailers whose core business is selling clothing at American shopping malls.

Malaysian palm oil futures closed lower on Thursday, tracking a decline in soyoil prices on the Chicago Board of Trade, while profit-taking also weighed.

Tunisia's state grains agency has issued an international tender to purchase about 25,000 metric tons of durum wheat, European traders said on Thursday.

Copper climbed to six-week highs on Thursday as a softer dollar and lower inventories triggered a flurry of buying that took prices through a key technical level, however concern about demand in top consumer China capped gains.

The European Commission will renew its authorisation of glyphosate for a further 10 years, it said on Thursday, even though EU governments earlier failed to give a clear opinion on whether or not to extend the approval.

Inventories of zinc in warehouses approved by the London Metal Exchange (LME) have nearly doubled owing to large arrivals after months of dwindling stocks, LME data showed on Thursday.

Japan's Ministry of Agriculture, Forestry and Fisheries bought a total of 104,677 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender that closed on Thursday.

Japanese trading house Mitsui & Co said on Thursday it had bought into Wadi Poultry S.A.E., a broiler chicken producer in Egypt that is also involved in the processing, sale and procurement of feed grain, to expand its protein business.

European Union governments failed to give a clear opinion on Thursday on a proposal to extend by 10 years EU approval for the use of glyphosate, the active ingredient in Bayer AG's Roundup weedkiller.