Commodity Blog

Soybeans gained today after three sessions of losses on speculation that adverse weather in South America will bolster demand for US exports. The US Department of Agriculture predicted that soybean exports from the United States will climb 14 percent. The Department estimated that US stockpiles of the grain will shrink to 145 million bushels by August 31, 2013, from this year’s 210 million. Soybeans jumped from $14.2775 to $14.4700 per bushel as of 20:05 GMT today on CBoT.

Oil was down today extending its losses after the US Energy Department reported yesterday that US stockpiles grew. US inventories of crude climbed by 3.7 million barrels to 379.5 million barrels last week — the highest level since 1990. Rumors that Saudi Arabia boosted output were also negative for oil prices. Brent crude fell today from $112.73 to $112.57 per barrel on ICE.

Latest commodity prices (ICE, NYMEX, CME) as of 19:32 GMT:

Oil (Brent) — $112.34 per barrel.
Gold — $1,595.10 per troy ounce.
Silver — $29.03 per troy ounce.
Palladium — $614.70 per troy ounce.
Copper — $368.85 per 100 pounds.
Cocoa — $2,329.00 per metric ton.
Sugar — $20.39 per 100 pounds.
Corn — $626.50 per 100 bushels.
Soybean — $1,447.00 per 100 bushels.

Commodities continued to decline as Europe is still a source of uncertainty and risk aversion. Greece is unable to form a government, leading to speculation that the country may leave the eurozone. Such outcome can potentially threaten the integrity of the euro-area. The problems in Europe affect commodities negatively as the European Union is one of the world’s largest importers of raw materials. Additionally, Europe’s woes make the dollar stronger, putting additional pressure on commodity prices.

The Standard & Poor’s GSCI Spot Index of raw materials slipped 0.1 percent today. The MSCI All-Country World Index of shares reached the lowest level since January.

Gold slumped from $1,693.70 to $1,593.70 per ounce today on COMEX as of 23:48 GMT and the intraday low of $1,591.40 was the lowest since January 3. Copper went down from $3.6940 to $3.6715 per pound today. Futures for delivery rubber in October declined as much as 4 percent to $3,662 per metric ton on the Tokyo Commodity Exchange.

Latest commodity prices (ICE, NYMEX, CME) as of 22:57 GMT:

Oil (Brent) — $112.69 per barrel.
Gold — $1,593.70 per troy ounce.
Silver — $29.27 per troy ounce.
Palladium — $616.60 per troy ounce.
Platinum — $1,506.50 per troy ounce.
Copper — $367.15 per 100 pounds.
Cocoa — $2,334.00 per metric ton.
Sugar — $20.42 per 100 pounds.
Corn — $639.75 per 100 bushels.
Soybean — $1,427.75 per 100 bushels.

Commodities declined today, threatening to erase this year’s gains, as the problems continue to haunt Europe. Greece is a particular concern, being the most indebted member of the European Union. The country failed to form the government after the election on the weekend, fueling fears that Greece may leave the eurozone. The Standard & Poor’s GSCI Spot Index dropped for the fifth consecutive day.

Crude oil had its own bear story on top of Europe’s woes as Saudi Arabia signaled that prices for the commodity are high. Saudi Arabian Oil Minister Ali al-Naimi said that the prices are “still a little bit high”. Such comments are likely mean that the world’s biggest oil exporter is going to boost its production.

June futures for delivery of crude oil slipped $0.93 (0.9 percent) to $97.01 per barrel on NYMEX. Brent fell from $113.33 to $110.53 per barrel before trading at $113.14 as of 21:05 GMT today on ICE. Gold dropped from $1,636.70 to $1,604.00 per ounce on COMEX today, reaching $1,596.00 intraday — the lowest settlement since January 4. Sugar tumbled from $0.2105 to $0.2033 per pound on ICE, while the daily minimum of $20.31 was the lowest since September 1, 2010.

Latest commodity prices (ICE, NYMEX, CME) as of 19:50 GMT:

Oil (Brent) — $112.95 per barrel.
Gold — $1,604.00 per troy ounce.
Silver — $29.21 per troy ounce.
Palladium — $622.00 per troy ounce.
Copper — $369.95 per 100 pounds.
Cocoa — $2,331.00 per metric ton.
Sugar — $20.33 per 100 pounds.
Corn — $664.25 per 100 bushels.
Soybean — $1,439.00 per 100 bushels.

Latest commodity prices (ICE, NYMEX, CME) as of 23:28 GMT:

Oil (Brent) — $113.50 per barrel.
Gold — $1,638.10 per troy ounce.
Silver — $29.91 per troy ounce.
Palladium — $649.75 per troy ounce.
Copper — $376.05 per 100 pounds.
Cocoa — $2,357.00 per metric ton.
Sugar — $21.11 per 100 pounds.
Corn — $669.75 per 100 bushels.
Soybean — $1,462.00 per 100 bushels.

The technical analysis, that includes the indicators’ data and major pivot points for Brent Oil, Gold, Silver and Copper as traded on spot market as of May 5th, 2012:

Soybean futures gained today as adverse weather hurt crops in Argentina and Brazil, boosting demand for US exports. The US Department of Agriculture reported that the United States were selling about 100,000 of metric tons daily, rising 10 times since the beginning of April. China was the biggest buyer. Soybeans closed at $14.7450 per bushel today on CBoT, following the drop from $14.6825 to $14.5800.

Crude oil slumped today as growth of US nonfarm payrolls was much smaller than was predicted by analysts. The payrolls rose just by 115,000 in April, while an increase of 173,000 was expected. That confirmed the earlier data that showed slowdown of US employment growth. The report fueled concerns that the global economic recovery is faltering. June futures for delivery of crude oil dropped as much as $2.11 to $100.43 per barrel (the lowest since February 14) before trading at $100.66 as of 13:46 on NYMEX today. Brent oil fell from $116.09 to $113.20 per barrel on ICE after touching $111.76 — the lowest price since February 2.

Latest commodity prices (ICE, NYMEX, CME) as of 17:56 GMT:

Oil (Brent) — $113.00 per barrel.
Gold — $1,636.00 per troy ounce.
Silver — $30.10 per troy ounce.
Palladium — $652.20 per troy ounce.
Copper — $372.40 per 100 pounds.
Cocoa — $2,280.00 per metric ton.
Sugar — $20.83 per 100 pounds.
Corn — $670.25 per 100 bushels.
Soybean — $1,468.00 per 100 bushels.