July 31st, 2012

Gasoline futures declined as Sunoco Inc. (SUN) may start a fluid catalytic cracker today at the largest East Coast refinery and as Enbridge Inc. (ENB) may reopen an oil pipeline tomorrow that serves the Chicago area.

Unleaded gas futures fell as Sunoco plans to start the catalytic cracker today after shutting it July 23 for unplanned work, a person with knowledge of the situation said. Repairs on Enbridge’s 317,000-barrel-a-day pipeline may be completed today.

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July 30th, 2012

Wheat futures are trading up Monday morning, lifted by higher corn prices and worries about reduced wheat harvests in key overseas regions.

In electronic trading, Chicago Board of Trade futures for September delivery are up 16 3/4 cents or 1.9% at $9.14 3/4 a bushel. Kansas City Board of Trade September wheat is up 13 3/4 cents or 1.5% at $9.19 3/4 a bushel. MGEX September wheat is up 9 3/4 cents or 1.0% at $9.81 3/4 a bushel.

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July 30th, 2012

Sugar Futures – Buyers of sugar from Brazil, the world’s largest producer, are paying a bigger premium for their sweetener after futures prices fell and supplies for immediate shipment remain limited, according to Swiss Sugar Brokers.

Raw sugar for loading in August at the port of Santos, Brazil’s biggest, was offered for sale at a premium of 0.4 cent a pound to the price of the October contract on ICE Futures U.S. in New York, the broker said in a report e-mailed today. That compares with a premium of 0.05 cent to 0.1 cent a pound on July 22, data from the broker showed. At the port of Paranagua, the second biggest, sweetener was at a premium of 0.25 cent a pound to the exchange price, according to the report.

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July 30th, 2012

Soybean futures are trading higher Monday morning, as concerns resurge that the severe drought in the Midwest could reduce the soy crop’s harvest potential.

In electronic trading, soybeans for August delivery are up 34 1/4 cents or 2.0% at $17.18 1/2 a bushel at the Chicago Board of Trade, trading at the highest levels in a week. August soybeans reached the all-time intraday high for the front-month contract at $17.77 3/4 a bushel on July 20.

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July 30th, 2012

The euro fell for the first time in four days against the dollar and yen after Spain’s recession deepened, adding to concern the region’s fourth-largest economy will struggle to bring down its debt levels.

The 17-nation currency dropped from near a two-week high versus the yen after a European report showed economic sentiment worsened more than analysts forecast. The European Central Bank announces its next policy decision on Aug. 2 amid speculation President Mario Draghi will signal additional measures to ease the debt crisis. Sweden’s krona rose against all its major counterparts as the economy expanded more than analysts predicted. The pound fell as U.K. mortgage approvals dropped.

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July 26th, 2012

Orange Juice Futures – Orange-juice sales continue to tumble as many U.S. consumers opt out of the popular breakfast beverage due to high prices.

Total domestic retail sales of orange juice were off 5.4% in terms of volume–and 0.6% in terms of revenue–for the four weeks ending July 7 versus the same period in 2011, according to Nielsen data published by the Florida Department of Citrus.

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July 27th, 2012

Natural-gas futures tumbled 3.1% to their lowest settlement price of the week as traders rushed to close out contracts for August delivery before they expired at the end of session Friday.

Natural gas futures for August delivery on the New York Mercantile Exchange settled 9.5 cents, or 3.1%, lower, at $3.010 a million British thermal units. The most-active September delivery settled down 7.5 cents, or 2.4%, at $3.015/mmBtu.

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July 29th, 2012

Hedge funds raised commodity bets in the longest bullish streak in three years as speculation that policy makers will increase economic stimulus drove prices toward the biggest monthly rally since October.

Money managers raised their net-long positions across 18 U.S. futures and options by 3.4 percent to 1.17 million contracts in the week ended July 24, U.S. Commodity Futures Trading Commission data show. Wagers gained for seven weeks, the longest increase since June 2009. Corn bets climbed to the highest since September 2011, and traders are the most bullish on natural gas since October 2006.

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July 28th, 2012

Cotton Futures – Plexus Cotton Limited reported that New York (NY) futures ended the week slightly lower, as December dropped 124 points to close at 71.39 cents.

The cotton market weakened earlier this week after renewed jitters about Spain and Italy led to another “risk off” move by money managers that put pressure on the entire commodity complex, including drought-stricken corn and soybeans.

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July 27th, 2012

Copper futures in London rolled gains into a fourth straight day on Friday, buoyed by growing expectations of further stimulus action from both the U.S. Federal Reserve and the European Central Bank.

Dollar-denominated copper prices received an additional boost from the euro, which rallied to a three-week peak against the greenback after French President Francois Hollande and his German counterpart, Angela Merkel, said they were determined to do all they can to safeguard the euro. <USD/>

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