Headlines:
As Maduro holds on, Venezuela opposition eyes negotiated transition
Venezuela’s opposition is trying to convince ruling Socialist Party officials to join a transition government, shifting focus as it seeks to unseat President Nicolas Maduro, who has clung to power in the face of growing international pressure and U.S. sanctions. Last month, Venezuelan opposition leader and Congress chief Juan Guaido invoked the constitution to assume the interim presidency after declaring Maduro’s reelection in May 2018 illegitimate. He swiftly received recognition from the United States and Latin American powers. In an effort to secure the backing of Venezuela’s military, Guaido proposed an amnesty for officers who turn on Maduro’s government. But defections have been minimal and top brass has declared allegiance to Maduro, dimming hopes of a quick end to an economic disaster that has prompted millions of desperate Venezuelans to flee abroad, fueling a regional humanitarian crisis.
Wall Street trades lower after Fed minutes
U.S. stocks turned lower in volatile trade on Wednesday after the release of the Federal Reserve’s minutes from its January meeting, when the U.S. central bank said it would be “patient” with respect to further interest rate hikes. The minutes showed that many participants were not yet clear what adjustments to rates might be necessary later this year. “They are open to rate hikes down the road and the market has not priced in the potential for rates to go up rather than down from here. I think that might be behind the market reaction,” sad Kathy Jones, chief fixed income strategist at Schwab Center for Financial Research in New York. A dovish Fed and progress in trade negotiations have helped the S&P 500 rise about 18 percent from its lows in December, when the market swooned on fears of an economic slowdown. The index is trading about 5 percent below the record closing high it hit in late September.
Summary:
Wheat futures continued to fall on Wednesday, heading for their lowest price in almost seven months, amid reports of slack demand from overseas buyers. European Union wheat prices have declined in recent days as demand from North African countries including Egypt, the world’s biggest importer of the grain, have fallen off, UkrAgroConsult said in a report this week. Prices are down $6 to $8 a metric ton in the past month, the consultant said. Countries that are buying seem to be leaning toward cheaper wheat from the Black Sea region that includes Russia and Ukraine and shunning U.S. supplies. Syria reportedly bought 200,000 metric tons of the grain from sellers in the area, while Bangladesh is considering purchasing at least 50,000 tons of Russian wheat, Reuters reported. Inspections of U.S. wheat for delivery to overseas buyers in the week that ended on Feb. 14 totaled 357,131 metric tons, down considerably from the 562,706 tons assessed the previous week and the 424,231 tons examined during the same period last year, the Department of Agriculture said in a report yesterday. Since the start of the marketing year on June 1, the USDA has inspected 15.7 million metric tons of wheat for overseas delivery, down from 17.6 million tons during the same timeframe a year earlier, government data show.
