Record Coffee, Novorossiysk Night Ban, Oil Shortage & Rare Earths

The Commodities Trade Institute Podcast · Jul 23, 2026 · 5m

A night-time vessel ban at Russia’s Novorossiysk port drove Euronext wheat futures up 4.5%, while escalating Middle East conflict expanded 2026 global oil deficit forecasts to 1.5 million barrels per day with Brent crude reaching $94.07 per barrel. Panama is considering a state-owned partnership to restart the shuttered Cobre Panama copper mine, India is pursuing rare earth mining ties in Myanmar to reduce Chinese reliance, and global coffee production is projected to reach a record 189.7 million bags amid tight inventories and weather risks in Brazil.

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