May 22nd, 2012

Sugar Futures – A delay in harvesting the sugar cane crop in Brazil will see the world’s largest producer lose market share in China, set to be one of the season’s biggest importers, as Thailand increases its shipments to the Asian nation.

Thailand is forecast to ship 600,000 metric tons of raw sugar to China in the first half of the year, according to Thai Sugar Trading Corp., the country’s largest exporter. That would be the most since at least 2005 and almost a fifth of all the sugar China will need to buy this year. Last year, its shipments to China totaled 277,572 tons of sweeteners, according to Thailand’s Office of Cane & Sugar Board.

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May 21st, 2012

Coffee Futures – Rains in coffee growing areas in Brazil, the world’s largest producer of the commodity, are likely to delay harvesting by as much as 30 days, according to the country’s National Coffee Council, known as CNC.

The wetter weather will delay the picking of arabica beans especially in Sao Paulo and Minas Gerais, the country’s main growing state, CNC said in a report e-mailed May 18. Coffee areas will get more rainfall for the week starting on May 23, Marco Antonio dos Santos, an agronomist at forecaster Somar Meteorologia, said in an e-mailed report on May 16.

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May 21st, 2012

Orange-juice futures rose the most in four months on mounting speculation that this year’s hurricane season poses a greater risk than normal to Florida citrus groves, the world’s second largest.

While Tropical Storm Alberto probably poses no threat to Florida’s orange groves, “indication of early tropical activity in the vicinity is getting the markets jittery,” Donald Keeney, a senior agricultural meteorologist at MDA Information Systems Inc., said today in an e-mail. The Atlantic hurricane season typically starts June 1. Before today, orange-juice futures had tumbled 43 percent in the past year.

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May 22nd, 2012

Crude oil gained for a second day in New York on speculation a strengthening U.S. economy will increase fuel demand and the Obama administration will refrain from easing sanctions against Iran.

Crude oil futures rose as much as 0.5 percent, extending yesterday advance, the first in seven days. The U.S. won’t support relaxing sanctions that are hobbling Iran’s oil exports when negotiators meet in Baghdad tomorrow for a second round of talks on the Persian Gulf nation’s nuclear program, according to officials who declined to be identified because of the issue’s sensitivity. Existing U.S. home sales climbed last month, according to a Bloomberg News survey before a report today.

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May 22nd, 2012

Commodity Brokers – Mehul Choksi sees his jewelry business one day joining LVMH Moet Hennessy Louis Vuitton SA (MC) and Cartier among the biggest names in luxury goods.

Choksi is chairman and managing director of Gitanjali Gems Ltd. (GITG), India’s biggest diamond and gold-jewelry retailer by sales. He has accumulated 70 brands and more than 4,000 retail outlets worldwide as rising incomes in China and India, the two fastest-growing major economies, spur consumer demand.

“The largest luxury player will emerge to be in India and China in five to 10 years’ time, and certainly we will attempt to be one,” Choksi, 53, said in an interview at his headquarters in Mumbai’s Bandra-Kurla Complex, where he has an open-air fashion show ramp to display the company’s collections.

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May 21st, 2012

Natural gas futures remained lower near midday on Monday hit by profit-taking after last week’s sharp gains, but signs of a tighter supply-and-demand balance and extended forecasts for warmer weather limited the downside.

Natural gas futures prices gained 9 percent last week and are still up 17 percent so far this month, amid signs that record production was finally slowing while demand picked up as more electric utilities switch from coal to cheaper gas to generate power.

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May 21st, 2012

(Corrects to platinum from gold in penultimate paragraph.)

Gold futures climbed for a third day, gaining alongside equities and other commodities, before German and French leaders meet today to discuss the euro and as China said it will focus on aiding growth. Platinum and palladium gained.

Spot gold rose as much as 0.3 percent to $1,598.25 an ounce, the highest price since May 10, and was at $1,596.25 at 11 a.m. in Singapore. Bullion last week rebounded after a 21 percent drop from an intraday record in September. The metal ended the week up 0.9 percent, the first weekly advance in three.

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Corn Futures Take Off as China Buys

On May 21, 2012, in Corn Futures News Report, by Infinity Trading

May 20th, 2012

Corn futures jumped 9.4% last week, lifted by concerns about tight current supplies and a rally in wheat prices.

The sharp rise came after corn futures had fallen 11% in the month through May 11, dragged down by forecasts for a large U.S. harvest this fall. Analysts still expect the influx of new supplies later this year to weigh on prices, but the continued strong spot-market demand for on-hand corn helped boost prices, highlighting concerns about the immediate availability of the grain.

Chicago Board of Trade corn futures for July delivery on Friday rose 10½ cents, or 1.7%, to $6.35½ a bushel. July futures were up from their close a week earlier of $5.81 a bushel.

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May 21st, 2012

Wheat futures fell for the first time in six sessions in Chicago after climbing to the highest price in more than eight months in earlier trading, as rain in Ukraine and Russia may relieve drought concerns.

July-delivery wheat fell as much as 1.8 percent to $6.8275 a bushel on the Chicago Board of Trade and was at $6.8725 at 12:40 p.m. Paris time. The contract earlier rose as high as $7.22 a bushel, the highest level for the most active contract since Sept. 13.

Wheat futures jumped 16 percent last week, the most since the five days ended June 15, 2007, as dry weather threatened to damage crops in the U.S. and Russia, two of the world’s three biggest shippers this year. Russia and Ukraine will get showers today and tomorrow, AccuWeather forecast.

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May 21st, 2012

Commodity Brokers: CME Group Inc. (CME), the world’s largest futures exchange, extended grain-trading hours today in response to the threat of competitors seeking a share of the electronic transactions that now dominate the market.

Access to the CME’s Chicago Board of Trade, which first offered corn futures in 1877, is rising to 21 hours a day from 17, a week after the 12-year-old IntercontinentalExchange Inc. (ICE), or ICE, introduced a 22-hour session and its first-ever grain contracts. The Kansas City Board of Trade and Minneapolis Grain Exchange also start expanded hours today.

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