June 29th, 2012

Gasoline futures surged the most since March after European leaders eased repayment rules for Spanish banks, alleviating concern that the region’s debt crisis will spread and curb fuel demand.

Futures rose as much as 3.1 percent as leaders of the 17 euro countries dropped requirements that governments get preferred creditor status on aid to Spain’s banks and opened the way to recapitalize lenders directly with bailout funds. The dollar fell the most against the euro since October, increasing the investment appeal of commodities.

“It appears our old friend ‘Rosy Scenario’ has returned to the energy markets,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “Expectations for this summit were so low any news of a positive nature would cause a bid to come back into the market. All they did was lower temperatures. They haven’t solved the problem.”

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June 29th, 2012

Gold Futures – Gold traders are bullish for a sixth week on speculation that Europe’s debt crisis will boost demand from investors seeking to protect their wealth and drive prices higher after the biggest quarterly slump in eight years.

Sixteen analysts surveyed by Bloomberg said they expect a rally next week and 10 were bearish. Another five were neutral. Investors added about $1.9 billion to holdings in gold-backed exchange-traded products this month, the most since November, according to data compiled by Bloomberg. Hedge funds and other speculators have increased bets on a rally for four consecutive weeks, U.S. Commodity Futures Trading Commission data show.

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June 29th, 2012

Commodity Investing – Commodities jumped the most in three weeks after European leaders agreed to ease repayment rules for emergency loans to Spanish banks and relax conditions on possible help for Italy, increasing optimism that the region’s debt crisis may be contained.

The Standard & Poor’s GSCI Spot Index (MXWD) of 24 raw materials soared as much as 1.8 percent to 577.49 points, the biggest gain since June 6, before trading at 576.33 at 2:47 p.m. in Singapore. Crude oil jumped as much as 2.9 percent in New York and copper rose 2.1 percent. The increase in the gauge trimmed its quarterly loss to 16 percent, still the worst since the final three months of 2008.

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June 28th, 2012

Hog Futures – Hog farmers in the U.S. probably expanded their breeding herds as feed costs tumbled through the end of May, just before a Midwest drought sparked a corn-price rally this month that was the biggest since April 2011.

About 5.854 million sows were being held back for breeding as of June 1, up 0.9 percent from 5.803 million a year earlier, according to a Bloomberg News survey of 10 analysts. The U.S. Department of Agriculture will release its quarterly estimate of hog inventories at 3 p.m. tomorrow in Washington based on a survey of producers in the first half of June.

Producers expanded as corn futures plunged to a 20-month low June 15 and the U.S. predicted a record crop. Since then, the worst Midwest drought in more than a decade is wilting fields two months before the harvest and sent prices up as much as 30 percent. That may change per-hog profit of $11 this month into a $9 loss by September, said commodity broker Allendale Inc.

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June 28th, 2012

Crude oil futures fell for the first time in three days as applications for unemployment benefits hovered near the highest level of the year, indicating there hasn’t been an increase in commuters using fuel.

Prices dropped as much as 3.2 percent after the Labor Department reported jobless claims of 386,000 in the week ended June 23 and revised up the previous week’s figure. Oil extended losses as the Supreme Court upheld the core of President Barack Obama’s health-care overhaul, saying Congress has the power to make Americans carry insurance or pay a penalty.

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Stormy Forecast Juices OJ Futures

On June 28, 2012, in orange juice futures news report, by Infinity Trading

June 27th, 2012

Orange Juice Futures – Florida’s orange groves survived a lashing from Tropical Storm Debby this week. But some commodities investors are betting that Debby is just a warm up to what is expected to be a busy hurricane season.

These investors are buying orange-juice futures contracts in anticipation of prices jumping should Florida, the largest producer of juicing oranges, be battered in coming months. Already, prices are up 13% since mid-May.

The jump comes after six months of tumbling prices. Orange-juice futures have been among the worst-performing commodities of 2012, falling 31%. Some investors say even a hint that another storm is heading for Florida may be enough to keep prices moving higher.

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June 28th, 2012

Sugar Futures – The worst start to the monsoon season in India in three years is threatening crops from rice to sugar cane, stoking concern that the nation may limit exports to preserve supplies. Soybean futures in India climbed to the highest since 2003 and corn rose to a five-month high.

Rainfall from June to September, which represents 70 percent of annual amount, may be below normal with the main cane-growing regions getting less rain than required, said Michael Ferrari, a commodity director and senior scientist at Falls Church, Virginia-based Computer Sciences Corp. (CSC) Rain is 23 percent below average since the season started on June 1, according to the India Meteorological Department.

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June 27, 2012

Crude oil gained in New York, erasing losses and trading below $80 a barrel for a fifth day as disruptions to Norway’s output and a possible shortfall from Iran offset concern that use is ebbing amid Europe’s debt woes.

CrudeFutures rose as much 0.5 percent after Norwegian fields closed in a labor dispute and as the European Union prepares additional sanctions on Iran’s energy industry. Iranian exports will fall “gradually” fall during maintenance on fields and reservoirs and as the EU embargo takes effect starting July 1, Deputy Oil Minister Ahmad Qalebani said yesterday. EU leaders will begin a two-day summit meeting tomorrow to address the bloc’s debt crisis.

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June 27th, 2012

Gold Futures – Gold is set to decline for a second day in New York on concern Europe’s debt crisis will strengthen the dollar and curb demand for the metal as an alternative investment. Palladium dropped.

Borrowing costs jumped at an Italian bill sale today before a two-day European Union summit in Brussels starting tomorrow. The dollar was little changed versus the euro after climbing to a two-week high yesterday. The China Securities Journal said the country may introduce “more proactive” policies to ensure stable growth in the world’s second-largest economy.

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June 27th, 2012

Corn Futures – Corn supplies in the U.S., the world’s biggest exporter, are declining at the fastest pace since 1996 just as a Midwest heat wave damages the world’s largest harvest for a third consecutive year.

Stockpiles were probably 3.168 billion bushels (80.47 million metric tons) on June 1, 47 percent less than on March 1, the average of 22 analyst estimates compiled by Bloomberg shows. The worst Midwest drought in more than a decade is wilting a harvest that the U.S. Department of Agriculture says will be the biggest ever. The agency updates its inventory estimate June 29 and its production forecast two weeks later.

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