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May 16th, 2012
Managed Futures – The returns on this commodity-trading strategy don’t look good — they look spectacular. The average managed-futures program, as measured by the Barclay CTA Index, was up 14% last year — beating the stock market by a staggering 51 percentage points. Run by commodity-trading advisers, or CTAs, these funds manage an estimated $199 billion and may traffic in anything from corn, cotton and crude oil to interest rates, currencies and stock indexes. They often use technical analysis and mathematical formulas to trade on price patterns.
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May 16th, 2012
Commodity Investing – Commodities fell as talks to form a Greek government failed, boosting speculation that the country may quit the euro, and data from the U.S. and Japan added to concern an economic slowdown may reduce demand.
The Standard & Poor’s GSCI Spot Index of commodities lost as much as 1.5 percent to 626.57, the lowest level since Dec. 20. The gauge, set for to drop for the 10th day in 11 sessions, was at 627.16 at 8:48 a.m. in London. Oil fell for a fourth day in New York, trading at a six-month low, and copper dropped to the lowest price since January in London. Gold declined.
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May 16th, 2012
Corn futures rose for a third straight day after the U.S. government reported sales to China, the world’s biggest hog producer, signaling increased demand for the grain in livestock feed. Soybeans declined
U.S. exporters sold 900,000 metric tons of corn to China, including 660,000 tons previously reported as sold to unknown destinations, the U.S. Department of Agriculture said. Before today, the grain fell 7.6 percent this year after the USDA said farmers would harvest a record crop this year.
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May 16th, 2012
Crude oil dropped to the lowest price in more than six months in New York after U.S. crude stockpiles increased and talks to form a coalition government in Greece collapsed, raising concern the region’s debt crisis will worsen.
West Texas Intermediate futures slid as much as 2 percent, declining for a fourth day. U.S. inventories rose 6.6 million barrels last week, data from the American Petroleum Institute indicated. A government report today is projected to show a gain of 1.8 million, according to a Bloomberg News survey. Greece will schedule new elections as early as June 10, which German Finance Minister Wolfgang Schaeuble said will be a referendum on whether the country stays in the euro.
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May 16th, 2012
Gold futures declined for a fourth straight session in New York and entered a so-called bear market as concern that Greece will have to leave the euro boosted the dollar and cut the metal’s appeal as an alternative asset.
The U.S. Dollar Index, a measure against six major counterparts, rose for a 13th day to a four-month high after Greece’s political leaders failed to form a ruling coalition. Bullion has dropped 20 percent from its intraday record in September, the common definition of a bear market. On a closing basis, futures need to settle at $1,513.52 to post a 20 percent drop.
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May 15th, 2012
Wheat futures rose the most in more than two weeks on speculation that dry weather will curb yields in Kansas, the biggest U.S. producer of winter varieties.
About 52 percent of the Kansas crop was in good or excellent condition as of May 13, down from 60 percent a week earlier, the U.S. Department of Agriculture said in a report yesterday. Most of the state has received little or no rain in the past week, National Weather Service data show. Wheat prices have dropped 6.8 percent this year as favorable weather sped crop development.
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May 15th, 2012
S&P 500 Futures – The Standard & Poor’s 500 Index (SPX) swung between gains and losses, after falling to the lowest level in three months, as Greece’s struggle to form a government tempered better-than-estimated American economic data.
Avon Products Inc. tumbled 12 percent after Coty Inc. withdrew its $10.7 billion offer. Lennar Corp. (LEN) and KB Home jumped at least 3.2 percent as a report showed homebuilder confidence climbed to the highest level since 2007. JPMorgan (JPM) Chase & Co. advanced 2.8 percent as Chief Executive Officer Jamie Dimon said he sees no reason the bank’s $2 billion trading loss would affect the dividend. Groupon Inc. (GRPN) surged 6.5 percent as the daily-deal website reported profit that beat estimates.
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May 15th, 2012
Soybean futures rebounded from a six-week low as export sales from the U.S. and Brazil climbed, draining supply in the world’s two largest growers.
The amount of soybeans inspected for U.S. export almost doubled in the week to May 10 to 20.3 million bushels from the prior seven days, the Department of Agriculture said yesterday. In Brazil, growers had sold 83 percent of the harvest as of May 11, up from 63 percent a year ago, according to researcher Celeres.
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May 14th, 2012
Gasoline futures slid to a three-month low on concern that Europe’s debt crisis will worsen, curbing fuel use, after Greece failed to form a new coalition government and German Chancellor Angela Merkel’s party lost a key election.
Gasoline futures sank 1.4 percent as Greece headed toward a possible exit from the euro area. Merkel’s Christian Democratic Union lost a regional election to the main opposition Social Democratic Party. Industrial output slowed in Europe and China.
“The global economy is slowing, even China,” said Dominick Chirichella, senior partner at the Energy Management Institute in New York. “The elections in Europe are causing a big level of uncertainty and fear the austerity measures that have been negotiated are starting to unravel. It’s all a mess.”
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May 14th, 2012
Crude oil fell to the lowest level in almost five months amid growing speculation Greece may leave the euro currency union and as Saudi Arabia’s oil minister said prices should decline further.
Crude oil futures dropped as much as 2.6 percent after Greece failed to agree on a unity government and European Union officials considered its possible exit from the euro. Saudi Arabia wants crude prices lower than they are now, Oil Minister Ali al-Naimi said yesterday in Adelaide, Australia. The kingdom is pumping at its highest rate in almost three decades, OPEC data show.
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