June 20th, 2012

Silver futures bounced back into positive territory while gold pared earlier losses Wednesday as investors continued to sift through the Federal Reserve’s policy statement.

Silver futures for July delivery, the most active contract, settled up 2.1 cents, or 0.1%, at $28.389 a troy ounce in after-market trading on the Comex division of the New York Mercantile Exchange.

Gold futures for August delivery, the most active contract, settled down $7.40, or 0.5%, at $1,615.80 a troy ounce.

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June 20th, 2012

Gasoline fluctuated as investors waited to see if the U.S. Federal Reserve will announce more economic stimulus today.

Gasoline futures swung between gains and losses before the Federal Reserve’s scheduled 12:30 p.m. announcement in Washington. The Energy Department is scheduled to report last week’s oil inventories at 10:30 a.m. The industry-funded American Petroleum Institute reported yesterday that U.S. gasoline stockpiles rose 1.07 million barrels.

“People are waiting to see what the Fed announces and what the DOE report says,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.

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Heat Sends Soybean Futures Jumping

On June 20, 2012, in Soybean futures news report, by Infinity Trading

June 19th, 2012

Soybean futures closed sharply higher Tuesday, jumping on worries about dry weather damaging crops while export demand remains strong.

Soybeans for July delivery settled up 49 1/2 cents, or 3.6%, at $14.33 3/4 a bushel at the Chicago Board of Trade. November soybeans rose 45 1/4 cents, or 3.4%, to $13.84 1/2 a bushel, the highest close for the contract since May 1.

July soybean meal rose $15, or 3.6%, to $427.90 a short ton. July soybean oil rose 1.68 cents, or 3.4%, to 50.44 cents a pound.

The National Weather Service currently predicts below-normal chances of rain across the Midwest in the six-to-14 day period, and above-normal temperatures in much of the region.

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June 19th, 2012

Orange juice futures settled on Tuesday at a six-week high on speculative buying inspired in part by a weak dollar and firm commodity markets, analysts said.
Key July frozen concentrated orange juice jumped 7.20 cents, or 6.4 percent, to close at $1.1975 per lb after trading from $1.1245 to $1.205.

It was the loftiest close for the spot juice contract since the middle of May, Thomson Reuters data showed.

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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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June 19th, 2012

Gold futures may climb on speculation that the Federal Reserve will take more steps to boost economic growth and as a weaker dollar increased the appeal of the precious metal as an alternative investment.

The Fed begins a two-day meeting today amid prospects that policy makers will consider further monetary easing steps to sustain the U.S. economy. The dollar declined as much as 0.4 percent against a basket of currencies. Holdings in gold-backed exchange-traded products increased 6.1 metric tons to 2,399.72 tons, the biggest gain since March 29.

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June 20th, 2012

Commodity Brokers – JPMorgan Chase & Co. (JPM), the largest U.S. bank, is poised to more than double the value of its investment in London Metal Exchange shares bought seven months ago from the U.K. unit of bankrupt MF Global Holdings Ltd. (MFGLQ)

JPMorgan is the biggest investor in the LME, with 1.4 million shares valued at 150.6 million pounds ($236.8 million) after Hong Kong Exchanges & Clearing Ltd. agreed to buy the London bourse at 107.60 pounds a share. The New York-based bank increased its stake in November when it agreed to buy 600,000 shares from MF Global U.K. Ltd. at 41.92 pounds apiece.

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June 20th, 2012

Dow Jones Futures – U.S. stock futures rose, following a four-day rally in the Standard & Poor’s 500 Index, as Greece worked toward a new government and investors awaited a Federal Reserve announcement on whether it will boost the economy.

Best Buy Co. (BBY) and Applied Materials (AMAT) Inc. added at least 2.3 percent to pace gains in the biggest companies. Adobe (ADBE) Systems Inc., the largest maker of graphic-design software, slid 6 percent after forecasting sales and profit that trailed some estimates. Procter & Gamble Co. (PG) fell 1.7 percent as the consumer-goods company cut its earnings projections.

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June 20th, 2012

Managed Futures – CME Group and BarclayHedge recognized leaders in the managed futures industry during the inaugural Managed Futures Pinnacle Awards yesterday at the Museum of Broadcast Communications. The ceremony preceded MFA’s Forum 2012 in Chicago and featured live entertainment by Seth Meyers of Saturday Night Live.

The Managed Futures Lifetime Achievement Pinnacle Award was presented to Ken Tropin, Graham Capital Management, for his contributions to the development and maturation of the managed futures industry. He grew Graham Capital into an industry-leading alternative investment manager, helping global investors realize the value of managed futures programs.

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June 19th, 2012

Euro Futures – The euro strengthened against the dollar after a European Union official said a politically acceptable path will be sought for renegotiating Greece’s bailout conditions.

The U.S. currency fell against most of its major counterparts as the Federal Reserve starts a two-day meeting where 12 primary dealers expect some form of added stimulus from the central bank, while nine expect no action. The pound weakened versus the euro after U.K. inflation slowed in May to the least in 2 1/2 years. Mexico’s peso and Canada’s dollar rose after a report showed a measure of future construction in the U.S. climbed to the highest since September 2008.

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