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June 21st, 2012
Nymex crude oil futures tumbled below $80 a barrel for the first time in eight months in New York as U.S. inventories surged amid concern that the European debt crisis will drag down the global economy, reducing fuel demand.
Oil futures dropped as much as 1.9 percent in New York to $79.92 a barrel, the lowest intraday level since Oct. 6. Prices have slumped 27 percent from this year’s settlement high as U.S. stockpiles rose to the most in almost 22 years and growth slowed in the U.S., Europe and China. Federal Reserve policy makers lowered the outlook for U.S. economic growth and employment, while a preliminary reading of Chinese manufacturing by HSBC Holdings Plc and Markit Economics pointed to a contraction for an eighth month.
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June 19th, 2012
Commodity Investing – Corn futures jumped, capping the biggest two-day increase in 20 months, as hot, dry weather reduced yield potential for crops in the Midwest, the largest U.S. growing region.
Parched conditions in the next three days will increase stress on about a third of the Midwest crop, Commodity Weather Group LLC said in a report.
On the Chicago Board of Trade, corn futures for December delivery surged 5.5 percent to $5.635 a bushel. In two days, the most-active contract surged 11 percent, the most since October 2010.
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