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gold futures fall
May 17th, 2013
Gold bears are dominant again after prices resumed their slump and billionaire George Soros joined investors selling holdings in exchange-traded products that have retreated to a two-year low.
Seventeen analysts surveyed by Bloomberg expect prices to fall next week, with eight bullish and three neutral, the highest proportion of bears in two weeks. The analysts were divided a week ago after gold rebounded as much as 13 percent from the two-year low of $1,321.95 an ounce on April 16. ETP holdings slid 16 percent to 2,207.1 metric tons this year, the lowest since July 2011, data compiled by Bloomberg show.
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corn futures gain
May 13th, 2013
Corn futures climbed on concern that persistent wet weather in parts of the Midwest, the largest growing region in the U.S., raises the risk of the nation missing a record production forecast.
Wet conditions, followed by cold weather over the weekend in the western part of the Midwest, and rainfall last week in the eastern part probably caused delays in field work and sowing, DTN said in a report May 10, after the U.S. Department of Agriculture released its outlook for the 2013-14 crops. The U.S. is the world’s biggest producer of corn.
“It is too early to become complacent about supplies because exceptional weather-related production risks persist,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia (CBA), wrote in a report today.
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Brent crude oil futures fall
May 9th, 2013
Crude Oil Futures – Brent futures fell for a third session as crude inventories in the U.S. increased. Iraq resumed oil exports via Turkey today after a halt caused by sabotage to a pipeline.
Brent dropped as much as 0.8 percent. Total U.S. crude stockpiles rose by 230,000 barrels, according to the Energy Department. Iraq’s state-run North Oil Co. repaired the pipeline to Turkey following a bombing attack yesterday in the city of Mosul. The weekly U.S. jobless claims will be announced at 8:30 a.m. Washington time and are expected to show an increase to 335,000, according to a Bloomberg survey.
“The market looks to be taking stock, awaiting the next economic data,” said Michael Hewson, a market analyst at CMC Markets Plc in London who expects WTI to peak at $98 this year. “It’s a demand story at the moment as inventories keep rising. We need positive economic news to stop the fall and that could come with the weekly jobless claims.”
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Cattle futures rally
May 1st, 2013
Cattle futures rose for the first time in four sessions on speculation that U.S. beef demand will outpace supplies. Hogs fell.
Beef output in the U.S. will drop 4 percent in 2013, after the domestic cattle herd on Jan. 1 sunk to a 61-year low, government data show. Wholesale prices for the meat reached $1.9639 a pound yesterday, the highest in almost seven weeks, according to the U.S. Department of Agriculture. Consumers tend to start grilling outdoors at this time of year, boosting meat demand.
“Cattle numbers just aren’t that big,” Lawrence Kane, a market adviser at Stewart-Peterson Group in Yates City, Illinois, said in a telephone interview. “We’re probably going to go from winter to summer in 36 hours, and that will certainly make the retailer feel like there’s going to be some meat demand at the counter.”
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Crude oil futures tumble
May 1st, 2013
Crude Oil Futures – West Texas Intermediate crude tumbled as U.S. inventories reached an 82-year high amid signs of economic slowdown in the U.S. and China.
Futures headed for the biggest loss in almost six months after the Energy Information Administration said stockpiles jumped to 395.3 million barrels in the seven days to April 26, the most since the government began gathering weekly data in 1982. According to monthly data, they were last at this level in 1931. U.S. companies added fewer workers than forecast in April, and China’s manufacturing grew at a weaker pace, separate reports showed.
“WTI, in our view, is prone to some downward pressure,” said Michael Wittner, the head of oil-market research at Societe Generale SA in New York. “The U.S. is very comfortably supplied. The macroeconomic data flow continues to be weak.”
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corn futures reach higher
April 29th, 2013
Corn futures reached a one-week high in Chicago on speculation a government report will show planting slowed in the U.S., while forecasts for cooler weather may further curb sowing. Wheat rose.
Four percent of corn crops in the major U.S. producing states were planted as of April 21, behind the five-year average pace of 16 percent, the Department of Agriculture said April 22. The agency is scheduled to update its weekly crop progress report today. Much of the Midwest, from Missouri to Michigan, had double the normal rainfall in the past two weeks, National Weather Service data show.
The USDA report may “show only minimal seeding activity took place last week, meaning crop concerns will remain heightened,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia (CBA), wrote in a report today. “The outlook for later this week shows cool, wet weather plaguing the U.S. Midwest once again, meaning spring crop development will slip even further behind schedule.”
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cattle futures prices fall
April 22nd, 2013
Cattle futures fell on signs of increasing supplies of animals in the U.S. Hog prices also dropped.
About 1.899 million cattle were placed in feedlots last month, up 6 percent from 1.792 million in March 2012, the U.S. Department of Agriculture said April 19. That compares to the 1.5 percent decline projected by 13 analysts surveyed by Bloomberg News. The placement figure was “pretty negative,” said Lane Broadbent, a vice president at KIS Futures Inc. in Oklahoma City.
“The thing that’s probably the most disappointing is there was so much optimism built in this market that we have such tight numbers,” Broadbent said in a telephone interview. “The demand is not there to make this thing be a lot better.”
Cattle futures for June delivery fell 0.3 percent to $1.20875 a pound at 10:22 a.m. on the Chicago Mercantile Exchange, heading for the third straight drop, the longest slide since March 15.
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hog futures drop
April 17th, 2013
Hog Futures – U.S. hog farmers are poised to produce a record amount of pork at a time when exports are slumping the most in more than a decade, prolonging a global glut into a fifth consecutive year.
The 10.66 million metric tons produced will be the most since at least 1970, the U.S. Department of Agriculture estimates. Exports fell 14 percent in the first two months, the most for the period in government data since 2000. Futures may drop 20 percent to 72 cents a pound by the end of the year on the Chicago Mercantile Exchange, based on the median of nine trader and analyst estimates compiled by Bloomberg.
Demand for pork from the U.S., the biggest exporter, is weakening as importers from South Korea to Japan expand domestic output. Exports are also retreating as China and Russia, the largest buyers after Japan, curb purchases of meat produced with ractopamine, a feed additive used in the U.S. Farmers are expanding output because costs are dropping as grain prices tumble from records set during last year’s drought.
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Cattle Futures Move Higher
April 16th, 2013
Cattle futures rose on speculation that U.S. meat purchases will increase as the weather warms up and more consumers grill outdoors. Hog prices also climbed.
Wholesale beef rose 0.2 percent to $1.8989 a pound yesterday, the first increase in almost a week, U.S. Department of Agriculture data show. Meatpackers processed 122,000 cattle yesterday, up 5.2 percent from the previous week, government data show.
Prices are increasing on “the optimism that we’re getting closer to a timeframe that temperatures do start to warm up and better grilling and better demand,” Don Roose, the president of U.S. Commodities Inc. in West Des Moines, Iowa, said in a telephone interview.
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Gold Futures Slump
April 16th, 2013
Gold Futures – The selloff in gold that cut futures 13 percent over two days was sparked by investor concern that European governments may have to follow Cyprus in selling part of their holdings, according to Goldman Sachs Group Inc.
The slump, which drove prices to their lowest level since January 2011 today, was exacerbated as the metal fell below so- called technical-support levels, analysts including Jeff Currie and Damien Courvalin said in a report dated today, entitled “There Are Weeks When Decades Happen.”
Gold has plunged into a bear market as investors reduced holdings in exchange-traded products amid signs the U.S. economy is recovering, paring haven demand. Goldman said April 10 the turn in the gold cycle was quickening and investors should sell the metal. The drop in the past two days was one of the largest corrections in modern history, according to Deutsche Bank AG.
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