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April 25th, 2012
Crude oil futures rose to its highest level in a week in New York after the American Petroleum Institute said crude inventories fell in the U.S., the world’s biggest consumer of the commodity.
U.S. stockpiles decreased by 985,000 barrels last week, the industry-funded API said. An Energy Department report today is forecast to show a gain of 2.8 million barrels. Goldman Sachs Group Inc. said crude prices will rise as demand growth outpaces production capacity and that increased output by Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, has left the group’s spare capacity at less than 1 million barrels a day.
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April 25th, 2012
Canadian dollar futures – Canada’s dollar strengthened to a seven-week high against its U.S, counterpart on speculation equities gains signal the global growth outlook is improving.
Canadian dollar futures rallied against most of its major peers and is headed for a 1.3 percent gain this month versus the greenback, trailing only the yen. Canada has the second-fastest gross domestic product growth after Germany among Group of Seven nations and may be the first to raise interest rates later this year, swaps trading shows.
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April 25th, 2012
Soybean Futures – Near-month soybeans futures for May delivery on the Chicago Board of Trade rose above $14.70 a bushel Wednesday, the first time since September 2008, as investors took long positions expecting tighter supply in the coming months.
The contract hit a 43-month high of $14.7175 in electronic trade during the Asian day. At 0625 GMT, the contract was trading 8.25 cents higher at $14.6950.
Among factors boosting demand was the fear that soybean production in drought-hit Brazil and Argentina could fall even below the already conservative estimates made earlier, a Singapore-based commodities analyst said.
The latest concern is about a possible frost, and maybe even freezing temperatures in Argentina, said Karl Setzer, an Iowa-based analyst with MaxYield Cooperative. Speculators are lapping up old crop contracts fearing that supply may tighten further, he said.
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April 25th, 2012
Cattle Futures – The first U.S. case of mad cow disease in six years may not disrupt the nation’s corn and soybean exports because global demand for crops used as livestock feed is surging, said Roy Huckabay, an executive vice president at Chicago agriculture broker Linn Group.
“Mad cow will have little impact on domestic feed demand,” Huckabay said. “Drought in South America is boosting demand for U.S. soybeans and soybean meal. China is buying U.S. corn, and that is the tip of an iceberg of new demand. China will buy 10 million metric tons of corn this calendar year, up from 5 million currently on the export books.”
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April 24th, 2012
Cattle futures tumbled the most in 11 months in Chicago, and feeder-cattle prices fell by the exchange limit as a case of mad-cow disease was reported in the U.S. Corn, used in livestock feed, also slumped.
A case of mad-cow disease has been found in a dairy cow in central California, John Clifford, the USDA’s chief veterinarian, told reporters today in Washington. Its meat did not enter the food chain and the carcass will be destroyed, Clifford said. This is the fourth confirmed case of the brain- wasting disease in the U.S. cattle herd since the first was discovered in December 2003 in an animal that came from Canada.
April 24th, 2012
Wheat futures gained for the second straight day on speculation that demand will rise as more of the grain will be added to livestock feed as corn costs climb.
The price of corn, the main ingredient in U.S. animal feed, rose as much as 1.5 percent today in Chicago after the government announced overseas sales of 480,000 metric tons to unknown buyers. With less corn available in the U.S. and prices rising, some cattle producers in the southern Great Plains will add wheat to livestock rations, said David Lambert, head of the agriculture economics department at Kansas State University in Manhattan.
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April 20th, 2012
Copper Futures – Copper traders are bullish for the first time in six weeks on mounting confidence that demand will accelerate in line with economies at a time when mining companies are already failing to keep up with consumption.
Eleven of 29 analysts surveyed by Bloomberg expect the metal to climb next week and 10 were neutral. Rio Tinto Group (RIO), based in London, said April 17 that its first-quarter copper output slid 18 percent because the ore mined contained less metal. Codelco, the largest copper producer, said the following day that it sees no weakening in Chinese buying. Barclays Capital is predicting a third consecutive year of shortages.
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April 20th, 2012
Cattle Rustler – A former Sallisaw police officer is charged with stealing cattle but won’t be tried for filing a false police report after shooting himself in the chest.
A judge ruled Thursday after a two-day hearing that 36-year-old Wendel Don Hughes is to be tried on 31 counts of stealing domestic animals.
The Oklahoman reported that seven witnesses testified at the hearing. Records from two livestock markets show Hughes sold 178 head of cattle worth $72,000 in January 2011.
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April 20th, 2012
Commodity Investing – With scientific evidence emerging that wastewater from oil and gas drilling is the possible cause of earthquakes, states are adding new requirements for disposal wells.
Researchers think an increase in wastewater injected into the ground by drilling operators may be the cause of a sixfold increase in the number of earthquakes that have shaken the central part of the U.S. from 2000 to 2011, according to a U.S. Geological Survey study. The demand for underground disposal wells has increased with the proliferation of shale-gas drilling, a technique that produces millions of gallons of wastewater a well.
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April 20th, 2012
Crude-oil futures rose Friday along with stock markets and the falling dollar, as improving data in Europe reduced worries about a slump in oil demand.
Light, sweet crude for May delivery recently traded $1.77, or 1.7%, higher at $104.04 a barrel on the New York Mercantile Exchange. The May contract expires at settlement on Friday, and futures for June delivery recently traded $1.68 higher at $104.40 a barrel.
Brent crude for June delivery on the ICE futures exchange traded 99 cents higher at $119.99 a barrel.
Crude oil gained as improving data out of Germany and the U.K. early Friday lifted European markets and provided a boost to U.S. stock market futures.
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