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August 31st, 2012- Futures
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August 30th, 2012
Cocoa futures extended a rally to a nine-month high on mounting concern that supplies may be disrupted in Ivory Coast, the world’s top producer. Cotton and orange juice also gained, while coffee and sugar fell.
At least 14 people have been killed in six gun attacks on the army and police this month, prompting soldiers to step up security across the Ivory Coast. Futures headed for the third straight monthly gain, the longest rally since early 2011.
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August 31st, 2012
Commodity Investing – Commodities investors increased their holdings by the most since March as oil posted the biggest rally in six months and soybeans gained to a record.
Open interest, or outstanding contracts, of raw materials tracked by the Standard & Poor’s GSCI Index added 1.3 percent this month at 10.72 million contracts as of Aug. 29, according to data compiled by Bloomberg. Chicago-traded soybeans extended their rally for a third month, climbing to a record yesterday, and West Texas Intermediate crude futures advanced 7.4 percent.
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August 31st, 2012
The Standard & Poor’s 500 Index (SPX) rose toward its longest monthly gain since March as Federal Reserve Chairman Ben S. Bernanke said he wouldn’t rule out more steps to lower a jobless rate he described as a “grave concern.”
Intel Corp. (INTC) and Alcoa Inc. (AA) added at least 1.4 percent to pace gains among the biggest companies. Corning Inc. (GLW), the world’s largest maker of glass for flat-panel televisions, climbed 4.5 percent after Oppenheimer & Co. raised its recommendation on the shares. U.S. Airways Group Inc. jumped 4.7 percent after signing a confidentiality agreement to review the books of bankrupt takeover target American Airlines.
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August 31st, 2012
Coffee Futures – Coffee production in Vietnam, the biggest grower of the robusta variety used in instant drinks and espressos, is poised to decline from a record on drier weather in the key growing region.
The harvest may fall 10 percent to 1.40 million metric tons in the 2012-2013 season starting Oct 1, from an estimated all- time high of 1.55 million tons, according to the median forecast in a Bloomberg survey of six traders and shippers. Rainfall in the Buon Ma Thuot region this year to Aug. 20 was 28 percent lower from a year earlier, according to the Dak Lak province’s Meteorology and Hydrology Department.
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August 30th, 2012
Dow Jones Futures – U.S. stocks retreated, trimming the third straight monthly advance for the benchmark Standard & Poor’s 500 Index, amid concern about a worsening of Europe’s debt crisis and of a further slowdown of the global economy.
Sears Holdings Corp. (SHLD) slumped 7.4 percent as the retailer was replaced in the S&P 500 by chemical maker LyondellBasell Industries NV. (LYB) Ciena Corp. (CIEN), a maker of communications-network equipment, tumbled 17 percent after reporting a wider-than- projected loss and forecasting lower revenue than analysts had estimated. Gap (GPS) Inc. rose 3.1 percent as sales beat estimates.
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August 30th, 2012
Oil futures dropped for a second day on speculation oil producers would restore Gulf of Mexico output quickly after Tropical Storm Isaac passed and as more Americans than forecast filed applications for unemployment benefits.
Oil prices declined as much as 1.5 percent after Isaac’s threat to offshore energy production eased as the weather system weakened, dumping rain and producing storm surges over Louisiana. Jobless claims were at 374,000 last week, the Labor Department reported, higher than the 370,000 expected by economists surveyed by Bloomberg.
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August 30th, 2012
Gold futures may advance for the first time in three days amid optimism that the European Central Bank may start buying euro nations’ bonds to stem the region’s crisis.
The countries making up the euro zone must take “long lasting decisions’’ at their Oct. 19 summit, French President Francois Hollande said today. The ECB’s governing council meets on Sept. 6. The euro rose to an eight-week high against the dollar. Federal Reserve Chairman Ben S. Bernanke will speak tomorrow at an annual meeting in Jackson Hole, Wyoming.
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August 29th, 2012
Orange-juice futures have plunged almost 10% since last Friday as Florida’s citrus groves largely escaped damage from Hurricane Isaac.
The storm has veered away from Florida, the nation’s top orange-producing state, and moved deeper into the Gulf of Mexico Tuesday.
Orange-juice futures concentrate for September delivery settled 3.9 cents, or 3% lower, at $1.2540 a pound on the ICE Futures U.S. exchange Tuesday.
The storm “wasn’t enough to flood anybody out,” said Andrew Meadows, a spokesman for Florida Citrus Mutual, a growers group. “I wouldn’t say it was a nonevent,” he added, “but it’s close.”
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August 30th, 2012
Dollar Index Futures – The euro rose approached an eight- week high against the dollar as Italian borrowing costs dropped at an auction on optimism the European Central Bank may soon start buying euro nations’ bonds.
Europe’s shared currency advanced against most of its 16 major peers before Spanish and French leaders meet in Madrid amid speculation of a second bailout. The yen appreciated against the dollar after U.S. economic reports showed jobless claims rose and consumer spending climbed less than forecast. Norway’s krone rose against all its major peers even after a policy maker signaled the central bank won’t accept persistent currency strength.
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