Commodity Blog

Archive for February 25th, 2010

Corn, soybeans and sugar fell today as a stronger dollar curbed demand for commodities as an alternative investment. The dollar rose as much as 0.3 percent versus a basket of six major currencies. May futures for corn delivery slid $0.03 (0.8 percent) to $3.8325 per bushel by 12:02 on the Chicago Board of Trade. May futures for soybean delivery declined $0.15 (1.6 percent) to $9.48 per bushel on CBoT. May futures for raw-sugar delivery fell $0.007 (2.9 percent) to $0.237 per pound on ICE.

Wheat prices may decline 14 percent with start of new harvests in the next few months. World wheat production was predicted to reach 677.4 million metric tons. Russia, the third biggest grower in the world, plans to rise grain export by 32 percent in the next five years, putting even more strain on wheat prices. Analysts forecast that wheat may fall to $150 per ton.

Latest commodity prices (ICE, NYMEX, CME) as of 20:01 GMT:

Oil (Brent) — $76.18
Gold — $1,103.33
Silver — $16.01
Palladium — $419.00
Platinum — $1,512.35
Copper — $7,080.00
Aluminum — $2,098.00
Nickel — $20,445.00
Zinc — $2,139.00
Cocoa — $2,937.00
Sugar — $24.39
Corn — $371.75
Soybean — $938.25

Sugar futures gained after Pakistan increased purchases. Other importers may follow Pakistan, increasing demand for the sweetener. May futures for raw-sugar delivery gained $0.0072 (3 percent) to $0.244 per pound on ICE Futures U.S. in New York.

Wheat futures went up as the dollar’s decline boosted appeal of the U.S. commodities. The greenback fell 0.6 percent versus a basket of six major currencies today, supporting commodities. May futures for wheat delivery went up $0.08 (1.6 percent) to $5.1375 per bushel on CBoT.

Hog futures advanced as U.S. pork prices continued to rally, signaling that meat inventories are declining. Increasing U.S. exports may further lower pork supplies, spurring hogs price. April futures for hog settlement rose $0.009 (1.3 percent) to $0.7035 per pound on CME.