Analysts saw a weak round of U.S. June export price data
Analysts saw a weak round of U.S. June export price data thanks to a surprising food price drop despite a drought-related late-month grain price spike that extended into early July. Import prices were less weak than expected however, due to a restrained oil price decline and a small rise for import prices ex-petroleum. Analysts unwound some of the last year's skewing of price strength toward exports with today's reverse-twist, and as oil prices continue to fall since February, following the climb over the prior year from a trough in February of 2016. Despite 0.2% headline June export and import price drops, analysts're likely seeing some support for prices from declines in the value of the dollar since December, alongside recovering growth abroad and stabilization in global inventories, though the boost to oil prices from OPEC production restraint has been capped by soaring U.S. shale output. Export prices ex-agriculture and import prices ex-petroleum are both poised for 2017 gains of 1%-2%, following respective 2016 increases of 1.4% and 0.2%, but big respective declines of 5.9% and 3.7% in 2015, 2.8% and 0.1% in 2014, and 0.4% and 1.1% in 2013.