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April 13, 2023
A quick look at yesterday: grinding lower but with no clear-cut direction, the controlled environment agriculture pioneer closed the session at 80.11 cents after forming a distinct 80 cents – 83.9 cents range.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 232,000. Potentially significant price fluctuations in Village Farms are expected to follow.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.
Amid the market gloom, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
Chart analysis indicates Village Farms International, Inc. could begin to recover as it approaches significant support, now 1 cents away from 78.7733 cents. Dipping below could be an indication that further losses are ahead.
Village Farms was not the only decliner in the consumer staples sector; Anheuser-Busch went down 2.66%, closed at $65.11. Costco drops 1.87% yesterday to close at $498.65.
On the other hand, positive performances could be seen by looking at other consumer staples stocks as Diageo traded at $185.42 after closing yesterday's trading day at $183.96 (up 0.79%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. Projections for United States Initial Jobless Claims are set for a continuation of decline with 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.
Pointing downwards for around 2 months. Having set a significant high of $4.88 a year ago, the consumer packaged goods provider is trading 83.19% lower.
