orange juice futures

orange juice futures

September 13th, 2017

Florida fruit growers and farmers have just barely begun to assess the damage Hurricane Irma wrought on the state’s citrus, sugar cane and vegetable crops — but they expect it will be significant.

With power and communications still out across much of Florida, officials said Tuesday that getting a full picture will take weeks. What remains unknown: Exactly how much damage the crops suffered, how much producers might recover from crop insurance and how much more people might pay for their morning orange juice.

“Irma went right up the middle. It didn’t matter where you were, because Irma was so wide,” said Mark Hudson, the Florida state statistician with the National Agricultural Statistics Service. Extension and Farm Service Agency agents have just started evaluating the losses, he said, “if they can get fuel and if they can get out.”

Florida’s orange harvest usually begins around Thanksgiving, and about 90 percent of it becomes juice. Projections for the 2016-2017 growing season had called for 68.5 million boxes of oranges and 7.8 million boxes of grapefruit. The orange crop was worth over $886 million, according to USDA figures, while the grapefruit crop was worth nearly $110 million.
Crews work to restore Florida’s electricity after Hurricane Irma

Continue reading »

orange juice futures

orange juice futures

Sepember 5th, 2017

Orange-juice futures jumped by more than 6% Tuesday, set to mark their highest settlement since mid-May on fears Hurricane Irma could blast key orange-producing areas of Florida.

In a tweet Tuesday, the National Hurricane Center said, “Irma is the strongest hurricane in the Atlantic basin outside of the Caribbean Sea & Gulf of Mexico in NHC records.”

The storm’s projected path could take it to Florida in the next several days. A state of emergency has been declared in Puerto Rico, the U.S. Virgin Islands and Florida as the Category 5 storms heads for the region. It’s expected to strengthen further before making landfall in the Caribbean later Tuesday.

Continue reading »

crude oil futures quotes

crude oil futures quotes

July 24th, 2017

Crude oil futures rose on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed the rebalancing of global supply and demand.

Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago.

Brent September crude futures (LCOc1) were up 44 cents on the day at $48.50 a barrel by 1313 GMT, having risen from a session low of $47.68.

NYMEX crude for September delivery (CLc1) rose 39 cents to $46.16.

“This is the Saudis saying they view the current market conditions as too weak and they are actually delivering,” said SEB commodity strategist Bjarne Schieldrop.

“It shows real additional willingness on their part to do something, which is hugely important, rather than sitting back and letting OPEC motions roll forward. They’re acting unilaterally and adding pressure.”

Continue reading »

commodity investing 101

commodity investing 101

June 9th, 2017

Grain prices struggled to hold their ground as concerns over 100-degree temperatures in the US clashed with forecasts from a much-watched report showing bigger-than-expected stocks of corn, soybeans and wheat ahead.

The US Department of Agriculture, in its much-watched monthly Wasde briefing on world crop supply and demand, raised its estimate for world and US corn and soybean inventories at the close of 2017-18 by more than had been expected.

And while the estimate for US corn stocks was left unchanged, that defied expectations of a decline, although the forecast for world inventories of the grain did fall below the figure the market had expected.

Continue reading »

wheat futures brokers

wheat futures brokers

June 6th, 2017

The US is poised for more of the warm and dry weather which has got the country’s spring wheat harvest off to one of its worst starts on record – although fostering a recovery in corn crop condition.

Weather models for this week “show most of the Plains and the Midwest areas to be either dry or completely dry”, said weather service WxRisk.com overnight, with “the only significant rains” seen in southern states such as Alabama and Tennessee.

And for the six-to-10 day outlook, while rains are expected for parts of the central plains, including Oklahoma, into eastern Corn Belt states such as Iowa, “weather models also agree that most of this rain is going to miss… all of South Dakota, North Dakota whey really need the rain”.

Continue reading »

Crude oil futures quotes

Crude oil futures quotes

May 19th, 2017

Crude oil futures prices climbed to one-month highs on Friday, boosted by hopes major oil producers will decide to extend their current supply cut plan.

U.S. crude futures for June delivery were up 1.22% at $49.95 a barrel, the highest since April 26.

On the ICE Futures Exchange in London, the July Brent contract rallied 1.20% to $53.15 a barrel, the highest since April 20.

Crude prices remained supported after Saudi Arabia and Russia agreed earlier in the week to extend oil output cuts for a further nine months until March 2018.

However, the 12 remaining OPEC members and other producers participating in the cuts have to agree to the extension during a meeting on May 25.

Continue reading »

cocoa futures news

cocoa futures news

May 12th, 2017

Commodity players in the exchange traded products market are proving chocaholics.

For 10 consecutive weeks, the investors in exchange traded products, or ETPs, have raised their exposure to cocoa.

That has lifted assets investment in cocoa ETPs to $83m, up from some $27m, according to data from ETF Securities, which claims a 99% share of trading in the exchange traded products in ags in Europe.

That has made the market more valuable than that in corn, one of the biggest markets for futures investors, as well as those in cotton, soybeans and sugar – if lagging the $150m invested in wheat EPTs.

Continue reading »

crude oil futures news

crude oil futures news

May 5th, 2017

Crude oil futures prices fell to five-month lows on Friday on concerns about a persistent glut despite assurances from Saudi Arabia that Russia is ready to join OPEC in extending supply cuts.

U.S. West Texas Intermediate (WTI) crude oil futures fell more than 3 percent in early trading to less than $44 a barrel, the lowest since Nov 14. It fell 4 percent on Thursday.

Benchmark Brent also fell 3 percent to below $47, its lowest since Nov. 30, which was the date the Organization of the Petroleum Exporting Countries (OPEC) triggered a rally when it said it would cut production in the first half of 2017.

Both benchmarks trimmed losses to trade near Thursday’s close by 1320 GMT after Saudi Arabia’s OPEC Governor Adeeb Al-Aama told Reuters that OPEC and non-OPEC nations were close to agreeing a deal on supply cuts.

Continue reading »

cocoa futures news

cocoa futures news

March 24th, 2017

Cocoa is the best bet among soft commodities, Commerzbank said, forecasting price rises – in contrast to somewhat bearish expectations for coffee and, especially, sugar futures.

The bank termed “exaggerated… the slump” in New York cocoa futures which took them to $1,881 a tonne last month – a nine-year low on a spot contract basis, and down 45% from a high set in late 2015.

While acknowledging the “huge rise” in world cocoa output in 2016-17 – backed by estimates of a record crop in top producer Cote d’Ivoire – the bank viewed as overplayed ideas voiced by the International Cocoa Organization last week of global production surpluses for years ahead.

“We are sceptical at the moment that ICCO concerns about a period of structural surpluses on the cocoa market are justified.”

Continue reading »

cocoa futures news

cocoa futures news

February 21st, 2017

Cocoa futures prices plunged to eight-and- a-half year lows last week, on ideas of a substantial glut in the market, thanks to a huge crop in Cote D’Ivoire, the world’s top producer.

But with much of the crop reported to be stuck in lorries, or rotting on the trees, and with farmer incomes squeezed by low prices and slow sales, how long can this market surplus last?

And if cocoa processors step in to buy and the current rock-bottom price, after depleting their butter and powder stocks during a low period of low grinding, will they find the volumes and the quality they expect?

Cocoa Futures: Government programme backfires

Farmers in Cote D’Ivoire are struggling to find buyers for their beans, after a large number of local exporters reneged on contracts.

“What appears to be the root cause is that an attempt by the government to try to improve the position of small exporters has backfired very badly,” explains Edward George, head of commodity research at the pan-African bank Ecobank.

The Ivorian Coffee and Cocoa Council (CCC) this season increased the share of contracts they gave to small local exporters, allowing them to buy beans locally and sell them onto the international market.

“The CCC wanted to give the smaller exporters a bigger piece of the pie,” Mr George says.

Continue reading »