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May 18th, 2012
Gold futures rose to a one-week high on renewed speculation that the Federal Reserve will announce additional stimulus to boost the U.S. economy, increasing demand for the precious metal as an inflation hedge.
Gold bullion jumped 2.5 percent yesterday, the most since October, after a report showed that manufacturing in the Philadelphia region unexpectedly shrank in May, the first contraction in eight months. Before yesterday, gold was in a bear market, erasing this year’s gain, as Europe’s widening debt crisis sent investors to the safety of the dollar. The Fed has held U.S. borrowing costs at a record low since 2008 and bought $2.3 trillion in housing and government debt to spur growth during two rounds of so-called quantitative easing.
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May 18th, 2012
Commodity Brokers – Facebook Inc. (FB) is set to start trading today after a record initial public offering that made the social network more costly than almost every company in the Standard & Poor’s 500 Index. (SPX)
Facebook sold 421.2 million shares at $38 each to raise $16 billion, a statement yesterday shows. That values the Menlo Park, California-based company at $104.2 billion, or 107 times trailing 12-month earnings, more than every S&P 500 member except Amazon.com Inc. and Equity Residential.
That valuation also makes Facebook, co-founded in 2004 by a then-teenage Mark Zuckerberg, the largest company to go public in the U.S. Now the 28-year-old billionaire has to reward investors by squeezing more profit out of advertising, said Erik Gordon, a professor at the University of Michigan’s Ross School of Business.
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May 18th, 2012
Corn Futures – Corn traders are the most bullish since March on mounting concern that hot and dry weather will curb U.S. yields at a time of accelerating demand from China, the second largest buyer of U.S. farm goods.
Nineteen of 27 analysts surveyed by Bloomberg expect prices to gain next week and three were neutral, the highest proportion since March 30. Iowa, Illinois and Indiana, which produce 40 percent of the U.S. crop, are poised for a seventh consecutive month of above-normal temperatures, the most since 1895, T-Storm Weather LLC said yesterday. U.S. export sales of corn surged 83 percent in the week ended May 10, from a week earlier, U.S. Department of Agriculture data show.
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May 17th, 2012
Crude oil futures fluctuated in New York as Enbridge Inc. (ENB) and Enterprise Products Partners LP (EPD) prepared to reverse flows on their Seaway pipeline, and as investors speculated Spanish banks may have their credit ratings lowered.
West Texas Intermediate crude, the U.S. benchmark, rose as much as 1.2 percent on the day of the scheduled switch to relieve a U.S. supply glut. Futures retreated on speculation that Moody’s Investors Service will reduce the ratings today. Brent oil in London fell to the lowest level since Jan. 3 after the European Central Bank suspended lending to some Greek firms.
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May 15th, 2012
Orange Juice futures – Investors are squeezing every last drop out of the orange-juice futures rout.
Frozen orange-juice concentrate futures are on the move again, dropping more than 3% to their lowest level since November 2009.
Traders say not only are investors still closing out bets that prices will rise, but more bets that prices will fall are entering the market as well.
Orange juice futures for July delivery on the ICE Futures U.S. exchange was 3.5% lower at $1.1250 a pound in afternoon trade, having recovered slightly from an intraday low of $1.1175/lb.
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May 17th, 2012
Wheat futures gained for a fourth day, the longest winning streak since January, on speculation dry weather in the U.S., Australia and Russia will curb yields in the world’s three biggest shippers this year.
Wheat futures for July-delivery contract gained as much as 1.4 percent to $6.4775 a bushel, extending yesterday’s 5 percent jump, the biggest advance for the most-active contract since March 30. It was up 0.4 percent at $6.41 by 11:24 a.m. in London.
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May 17th, 2012
Commodity Futures – Hong Kong Exchanges & Clearing Ltd., one of three remaining bidders for the London Metal Exchange, should lose government protections against competition if it begins trading commodities, said William Barkshire, chief operating officer of Hong Kong Mercantile Exchange.
Hong Kong Exchanges, Intercontinental Exchange Inc. and CME Group Inc. are the remaining contenders for the LME, which handles more than 80 percent of global metals futures, after NYSE Euronext, the biggest U.S. exchange owner, was removed from the bidding. The Chinese bourse was overtaken as the world’s largest market company by CME Group this year and is seeking to broaden its business as the pipeline of large initial public offerings from the mainland slows.
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May 16th, 2012
Managed Futures – The returns on this commodity-trading strategy don’t look good — they look spectacular. The average managed-futures program, as measured by the Barclay CTA Index, was up 14% last year — beating the stock market by a staggering 51 percentage points. Run by commodity-trading advisers, or CTAs, these funds manage an estimated $199 billion and may traffic in anything from corn, cotton and crude oil to interest rates, currencies and stock indexes. They often use technical analysis and mathematical formulas to trade on price patterns.
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May 16th, 2012
Commodity Investing – Commodities fell as talks to form a Greek government failed, boosting speculation that the country may quit the euro, and data from the U.S. and Japan added to concern an economic slowdown may reduce demand.
The Standard & Poor’s GSCI Spot Index of commodities lost as much as 1.5 percent to 626.57, the lowest level since Dec. 20. The gauge, set for to drop for the 10th day in 11 sessions, was at 627.16 at 8:48 a.m. in London. Oil fell for a fourth day in New York, trading at a six-month low, and copper dropped to the lowest price since January in London. Gold declined.
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May 16th, 2012
Corn futures rose for a third straight day after the U.S. government reported sales to China, the world’s biggest hog producer, signaling increased demand for the grain in livestock feed. Soybeans declined
U.S. exporters sold 900,000 metric tons of corn to China, including 660,000 tons previously reported as sold to unknown destinations, the U.S. Department of Agriculture said. Before today, the grain fell 7.6 percent this year after the USDA said farmers would harvest a record crop this year.
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