Archive for February 3rd, 2010
Cattle Declines as Demand Falls, Wheat Drops
Cattle futures slid for the second time this week on speculation that demand for a beef has declined as wholesale prices rose in January to a highest level in seven months. Beef price touched the record level since May 27th at January 19th, causing retailers and importers to cut buying. Since January 19th beef has fallen 4.5 percent. April futures for cattle delivery slid $0.00625 (0.7 percent) to $0.8925 per pound by 9:39 on the Chicago Mercantile Exchange.
Wheat futures tumbled in Chicago on forecast that dollar will advance, curbing the demand for U.S. grain as an alternative investment. The dollar rose 0.5 percent versus a basket of six major currencies today, the first gain this week. Some speculators may begin selling commodities which they purchased when dollar was weak. March futures for wheat delivery subtracted $0.0875 (1.8 percent) to $4.785 per bushel as of 9:59 on CBoT.
Commodity Prices — February 3rd 2010
Latest commodity prices (ICE, NYMEX, CME) as of 17:12 GMT:
Oil (Brent) — $76.23
Gold — $1,111.30
Silver — $16.38
Palladium — $438.00
Platinum — $1,577.88
Copper — $6,560.00
Aluminum — $2,083.00
Nickel — $18.300.00
Zinc — $2,099.80
Cocoa — $3,150.00
Sugar — $28.95
Corn — $357.25
Soybean — $914.00
Sugar, Wheat, Cotton Prices Go Up
Sugar futures rose on speculation that the global deficit will be higher than forecasted. Analysts say that “sugar has favorable technicals and fundamentals”. March futures for
Wheat futures gained in Chicago on forecast that supplies may decline because farmers in the U.S. cut selling after prices dropped last month to the lowest level since June. Prices are also aided by expectation of rising demand for U.S. wheat. March futures for wheat delivery went up $0.125 (2.6 percent) to $4.8725 per bushel on CBoT.
Cotton prices rose, ending the longest decline since September 2008, on outlook for improving demand in China, the biggest buyer of the fiber in the world. The area planted with cotton may decrease by 4.9 percent and reductions in the crop supply may cause Chinese textile producers to increase imports. March futures for cotton delivery gained $0.0104 (1.5 percent) to $0.6926 per pound on ICE.