gold futures news

gold futures news

November 15th, 2017

Gold futures climbed to one-month highs on Wednesday, as the U.S. dollar remained under broad selling pressure despite the release of positive U.S. inflation and retail sales reports.

Comex gold futures were up $5.47 or about 0.42% at $1,288.08 a troy ounce by 08:45 a.m. ET (12:45 GMT).

The U.S. Commerce Department said consumer prices rose 0.1% in October, in line with forecasts.

A separate report showed that U.S. retail sales increased by 0.2% last month, just above expectations for a more modest gain of 0.1%.

On a less positive note however, the New York Federal Reserve reported that its Empire State manufacturing index fell 11 points to 91.4 in November, compared to analysts forecast for a reading of 26.00.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.43% at 93.33, the lowest since October 20.

Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.

The greenback has been under pressure recently amid uncertainty over the fate of a major U.S. tax overhaul.

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Crude oil futures quotes

Crude oil futures quotes

November 13th, 2017

OPEC on Monday forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was reducing excess oil in storage, pointing to an even tighter global market next year.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 33.42 million barrels per day (bpd) of OPEC crude next year, up 360,000 bpd from its previous forecast.

The 14-country producer group also said its oil output in October, as assessed by secondary sources, came in below the 2018 demand forecast at 32.59 million bpd, a drop of about 150,000 bpd from September.

The report points to a supply deficit next year if OPEC keeps pumping at October’s rate.

Investing.com.

crude oil futures news

crude oil futures news

November 6th, 2017

Crude oil prices remained near two-year highs on Monday, still boosted by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month.

The U.S. West Texas Intermediate crude December contract was up20cents or about 0.36% at $55.80a barrel by 09:55 a.m. ET (13:55 GMT),just off a two-year high of $56.24 hit overnight.

Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London was up 37 cents or about 0.60% at $62.45 a barrel, off a two-year high of $62.87 hit earlier in the day.

Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend.

Prices received another boost as a sizable weekly drop in active U.S. oil rigs to the lowest level since May fed expectations for a slowdown in domestic crude output growth.

Oilfield services firm Baker Hughes reported that the number of active U.S. rigs drilling for oil fell by eight to 729 last week. That was the fourth weekly decline in five.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

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orange juice futures

orange juice futures

September 13th, 2017

Florida fruit growers and farmers have just barely begun to assess the damage Hurricane Irma wrought on the state’s citrus, sugar cane and vegetable crops — but they expect it will be significant.

With power and communications still out across much of Florida, officials said Tuesday that getting a full picture will take weeks. What remains unknown: Exactly how much damage the crops suffered, how much producers might recover from crop insurance and how much more people might pay for their morning orange juice.

“Irma went right up the middle. It didn’t matter where you were, because Irma was so wide,” said Mark Hudson, the Florida state statistician with the National Agricultural Statistics Service. Extension and Farm Service Agency agents have just started evaluating the losses, he said, “if they can get fuel and if they can get out.”

Florida’s orange harvest usually begins around Thanksgiving, and about 90 percent of it becomes juice. Projections for the 2016-2017 growing season had called for 68.5 million boxes of oranges and 7.8 million boxes of grapefruit. The orange crop was worth over $886 million, according to USDA figures, while the grapefruit crop was worth nearly $110 million.
Crews work to restore Florida’s electricity after Hurricane Irma

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orange juice futures

orange juice futures

Sepember 5th, 2017

Orange-juice futures jumped by more than 6% Tuesday, set to mark their highest settlement since mid-May on fears Hurricane Irma could blast key orange-producing areas of Florida.

In a tweet Tuesday, the National Hurricane Center said, “Irma is the strongest hurricane in the Atlantic basin outside of the Caribbean Sea & Gulf of Mexico in NHC records.”

The storm’s projected path could take it to Florida in the next several days. A state of emergency has been declared in Puerto Rico, the U.S. Virgin Islands and Florida as the Category 5 storms heads for the region. It’s expected to strengthen further before making landfall in the Caribbean later Tuesday.

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commodity investing 101

commodity investing 101

June 9th, 2017

Grain prices struggled to hold their ground as concerns over 100-degree temperatures in the US clashed with forecasts from a much-watched report showing bigger-than-expected stocks of corn, soybeans and wheat ahead.

The US Department of Agriculture, in its much-watched monthly Wasde briefing on world crop supply and demand, raised its estimate for world and US corn and soybean inventories at the close of 2017-18 by more than had been expected.

And while the estimate for US corn stocks was left unchanged, that defied expectations of a decline, although the forecast for world inventories of the grain did fall below the figure the market had expected.

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wheat futures brokers

wheat futures brokers

June 6th, 2017

The US is poised for more of the warm and dry weather which has got the country’s spring wheat harvest off to one of its worst starts on record – although fostering a recovery in corn crop condition.

Weather models for this week “show most of the Plains and the Midwest areas to be either dry or completely dry”, said weather service WxRisk.com overnight, with “the only significant rains” seen in southern states such as Alabama and Tennessee.

And for the six-to-10 day outlook, while rains are expected for parts of the central plains, including Oklahoma, into eastern Corn Belt states such as Iowa, “weather models also agree that most of this rain is going to miss… all of South Dakota, North Dakota whey really need the rain”.

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Crude oil futures quotes

Crude oil futures quotes

May 19th, 2017

Crude oil futures prices climbed to one-month highs on Friday, boosted by hopes major oil producers will decide to extend their current supply cut plan.

U.S. crude futures for June delivery were up 1.22% at $49.95 a barrel, the highest since April 26.

On the ICE Futures Exchange in London, the July Brent contract rallied 1.20% to $53.15 a barrel, the highest since April 20.

Crude prices remained supported after Saudi Arabia and Russia agreed earlier in the week to extend oil output cuts for a further nine months until March 2018.

However, the 12 remaining OPEC members and other producers participating in the cuts have to agree to the extension during a meeting on May 25.

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cocoa futures news

cocoa futures news

May 12th, 2017

Commodity players in the exchange traded products market are proving chocaholics.

For 10 consecutive weeks, the investors in exchange traded products, or ETPs, have raised their exposure to cocoa.

That has lifted assets investment in cocoa ETPs to $83m, up from some $27m, according to data from ETF Securities, which claims a 99% share of trading in the exchange traded products in ags in Europe.

That has made the market more valuable than that in corn, one of the biggest markets for futures investors, as well as those in cotton, soybeans and sugar – if lagging the $150m invested in wheat EPTs.

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crude oil futures news

crude oil futures news

May 5th, 2017

Crude oil futures prices fell to five-month lows on Friday on concerns about a persistent glut despite assurances from Saudi Arabia that Russia is ready to join OPEC in extending supply cuts.

U.S. West Texas Intermediate (WTI) crude oil futures fell more than 3 percent in early trading to less than $44 a barrel, the lowest since Nov 14. It fell 4 percent on Thursday.

Benchmark Brent also fell 3 percent to below $47, its lowest since Nov. 30, which was the date the Organization of the Petroleum Exporting Countries (OPEC) triggered a rally when it said it would cut production in the first half of 2017.

Both benchmarks trimmed losses to trade near Thursday’s close by 1320 GMT after Saudi Arabia’s OPEC Governor Adeeb Al-Aama told Reuters that OPEC and non-OPEC nations were close to agreeing a deal on supply cuts.

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