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Weakening of the national currency and changes in futures prices: market overview in Kazakhstan
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Weakening of the national currency and changes in futures prices: market overview in Kazakhstan

Last week, the exchange rate of the Kazakh tenge to the US dollar continued to weaken, reaching a mark of 449.78 tenge per dollar. Currency prices in exchange offices in Astana also changed. Bitcoin has risen by 4.23% and is now priced at $41,843. The price of Brent crude oil has increased by 1.52% and is now at $83.68 per barrel. March futures on the US exchange have decreased by 1.72% to $6.015 per bushel. Wheat harvest in Argentina exceeded last year's by 2.7 million tons. Production of corn and soybeans has also increased. In Kazakhstan, prices for wheat and grain are set at 136 and 112 thousand tenge, respectively. The Kazakhstan Temir Zholy (KTZ) company has extended the ban on grain loading to China until 2024.

28 January 2024 28 January 2024

Last week, the national currency of Kazakhstan continued to weaken against the US dollar. According to the Kazakhstan Stock Exchange (KASE), the tenge to dollar rate was 449.78 tenge per dollar, which is 3.45 tenge more than the previous week.

In exchange offices in Astana, currency prices have also changed. For 1 dollar they are now asking 453 tenge, for 1 euro - 492 tenge, and for 1 ruble - 5.03 tenge.

The price of Bitcoin has also changed. Over the past 24 hours, it has risen in price by 4.23% and now costs $41,843.

The price of Brent crude oil has also changed. On Friday, it rose in price by 1.52% and amounted to $83.68 per barrel.

March futures on the US stock exchange ended the week with a price decline of 1.72%. It now costs $6,015 per bushel ($220 per ton).

One of the reasons for the decline in futures prices could be information about the successful completion of the wheat harvest in Argentina. This year's harvest amounted to 15.1 million tons, which is 2.7 million tons more than last year.

Also, the Buenos Aires Grain Exchange (BAGE) increased its estimates for corn production by 1.5 million tons (to 56.5 million) and soybean production by .5 million tons (to 52.5 million).

According to the Kazakhstan ETS exchange, indicative prices for hi-pro wheat in Kazakhstan are 136 thousand tenge per ton, and for ordinary grain of the 3rd class - 112 thousand tenge per ton when shipped from elevators in the northern regions of the country.

At the same time, the KTZ company extended the ban on loading into China through the Dostyk-Alashankou junction for covered wagons and tanks until January 31, 2024. Previously, the ban was introduced until January 26. The ban applies to grain cargo, ground products and vegetable oils.

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