crude oil futures news

crude oil futures news

June 24th, 2016

Crude oil futures prices slumped by more than 6 percent on Friday after Britain voted to leave the European Union, raising fears of a broader economic slowdown that could reduce demand.

Financial markets have been worried for months about what Brexit, or a British exit from the European Union, would mean for Europe’s future, but were clearly not fully factoring in the risk of a leave vote.

British Prime Minister David Cameron, who campaigned to remain in the EU, said he would stand down by October.

Brent crude (LCOc1) was down $2.45 at $48.46 a barrel at 1004 GMT. U.S. crude (CLc1) was down $2.39 at $47.72 a barrel.

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coffee futures news

coffee futures news

June 9th, 2016

Coffee exports from Indonesia, the fourth-ranked bean shipper, fell to the lowest in nearly four years, hurt by the dent to production from dryness blamed on El Nino.

Indonesia’s coffee exports fell to 21,100 tonnes in March, the lowest since April 2012, data from the Indonesia’s Central Bureau of Statistics showed.

Indonesia – the world’s third-largest producer of robusta coffee beans, after Vietnam and Brazil – harvested around 11.4m bags in 2014, according to latest data from the country’s Ministry of Agriculture, Directorate General of Estate Crops.

The Association of Indonesian Coffee Exporters (AICE) has pegged estimates of 2015 output at 11.3m bags and expects output to decline by 8% to 10.4m bags in 2016-17.

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commodity investing 101

commodity investing 101

June 6th, 2016

Speculators lifted bullish positioning on agricultural commodities to the highest in nearly two years, as algorithmic funds flooded in, into sugar at least, – while coffee and wheat caught out investors making bearish bets.

Managed money, a proxy for speculators, raised by more than 64,000 contracts its net long position in futures and options in the main 13 US-traded agricultural commodities in the week to last Tuesday, according to data from the Commodity Futures Trading Commission (CFTC) regulator.

The increase took the net long – the extent to which long positions, which benefit when prices rise, outnumber short bets, which profit when values fall – to 681,515 contracts, the highest since June 2014.

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crude oil futures news

crude oil futures news

June 2nd, 2016

Crude oil prices were flat to weaker in early Asia on Friday with investors noting the bearish unchanged OPEC production ceiling, but also looking ahead to demand prospects.

On the New York Mercantile Exchange, WTI crude for July delivery was down 0.02% to $49.16 a barrel.

Overnight, crude futures inched up on Thursday, reversing territory late in the session, as a sharp decline in U.S. crude inventories offset a widely expected decision by OPEC to leave its production ceiling unchanged.

On the Intercontinental Exchange (ICE), Bent crude for August delivery wavered between $48.86 and $50.30 a barrel, before closing at $50.00, up 0.28 or 0.55% on the day.

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cocoa futures news

cocoa futures news

June 1st, 2016

Cocoa plantations in Ghana are “in dire need of rainfall”, thanks to sustained West African dryness which threatening both quality and production in Ivory Coast too, the International Cocoa Organization warned.

The ICCO – expanding on an upgrade late on Tuesday by 67,000 tonnes, to 180,000 tonnes, in its forecast for the world cocoa production deficit in 2016-17 – said that the revision reflected largely weaker harvest prospects in West Africa, which is responsible for more than 70% of global output.

“Extreme weather conditions, resulting from the severe Harmattan winds within the West African region, combined with the impact of El Niño, have negatively affected the 2015-16 harvests,” the ICCO said.

In Ivory Coast, the Harmattan – a hot and dry wind blowing in from the Sahara, and which has a history of hurting cocoa yields – is said “to be among the strongest in three decades”.

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butter futures

butter futures

August 29th, 2014

Butter futures reached an all-time high in Chicago as Americans’ rising appetite for the fatty dairy spread and rising exports erode U.S. inventories.

Domestic consumption is projected to rise 0.8 percent to 788,000 metric tons in 2014, according to the U.S. Department of Agriculture. That would be the second-highest ever in data going back to 1965. Shipments in the first six months of the year were up 42 percent from 2013. Demand is rising as milk production trailed analyst expectations, while fat content, used to make butter, is also dropping, according to Eric Meyer, the president of Chicago-based HighGround Dairy.

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orange juice futures

orange juice futures

July 29th, 2014

Orange-juice futures slumped to a five-month low on Tuesday as weak demand for the beverage trumped fears of a hurricane damaging Florida’s next crop.

Frozen, concentrated orange juice for delivery in September fell 2.2% to $1.4475 a pound, the lowest closing price since Feb. 19 on the ICE Futures U.S. exchange.

A disturbance in the Atlantic Ocean shows a 70% chance of tropical cyclone formation in the next 48 hours, according to the National Weather Service. Usually, that kind of news boosts the orange-juice market, as previous hurricanes that have hit top orange-producing state Florida have damaged groves and ripped fruit from the trees.

“There still do not appear to be any major storms in sight in the Atlantic to hurt production, but traders will keep an eye on the developments of the system in the Atlantic to see if it grows and what its track might be,” said Jack Scoville, vice president at Price Futures Group in Chicago.

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s&p 500 futures

s&p 500 futures

July 31st, 2014

U.S. stock-index futures declined, signaling the Standard & Poor’s Index will trim its monthly gain, amid earnings at companies from Whole Foods Market Inc. (WFM) to Kraft Foods Group Inc. (KRFT), while Argentina missed a debt payment.

Whole Foods Market Inc. dropped 4 percent in in early New York trading after lowering its 2014 revenue forecast. Kraft Foods Group Inc. and Time Warner Cable Inc. declined in Germany after reporting that quarterly results missed analysts’ estimates. Allstate Corp. (ALL) added 2.6 percent late yesterday after posting earnings that beat projections.

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Feeder Cattle Futures

Feeder Cattle Futures

July 30th, 2014

Beef costs are poised to rise further as feeder-cattle futures climbed to cap the longest rally in 37 years amid mounting U.S. supply concerns.

Cattle inventories as of July 1 fell to the lowest for the date since records began in 1973, the U.S. Department of Agriculture data said last week. Gains in consumer spending helped the economy rebound more than forecast in the second quarter, according to government figures today. Retail ground beef and boneless sirloin-steak costs rose to all-time highs in June, Bureau of Labor Statistics data show.

“We’ve never had cattle supplies this tight before with this kind of beef demand,” Troy Vetterkind, the owner of Vetterkind Cattle Brokerage in Thorp, Wisconsin, said in a telephone interview. “At some point in time, we’re going to cool things off, but it doesn’t appear to be this week. It’s a historic thing that we’ll probably never see ever again.”

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cocoa futures

cocoa futures

July 30th, 2014

Cocoa futures rose to the highest price in almost three years in London on speculation chocolate manufacturers need to stock up with West Africa supplies limited until new harvests start in October.

Inventories are probably only enough to meet demand for six months and the industry usually needs seven to eight months of cover, according to Eric Sivry, head of agriculture options brokerage at Marex Spectron Group in London. Inventories in warehouses monitored by ICE Futures U.S. dropped 4 percent this month, the third consecutive decline.

“The industry is not enough covered,” Sivry said. “This is prompting some market participants to leapfrog the industry and push prices higher.”

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