Commodity Blog

Posts Tagged ‘cattle’

Coffee price jumped today as the weak dollar increased appeal of some commodities. The greenback slid 1 percent against the basket of six major currencies today. Analysts say that in case the futures would break the $1.70 level, the price would go up. September delivery for Arabica coffee gained $0.037 (2.2 percent) to $1.686 per pound as of 9:28 on ICE Futures U.S. in New York.

Cattle futures extended this month’s rally, climbing today to the highest level in eight weeks, on forecast that demand for beef exports from the U.S. would increase after the dollar dropped. Beef exports from the U.S. rose as much as 27 percent in May to 203.55 million pounds compared to 160.46 million in the previous year. October futures for cattle delivery rose $0.00375 (0.4 percent) to $0.93775 per pound by 10:59 on CME.

Cattle futures gained on signs of increasing demand for U.S. beef. Wholesale beef, shipped by meatpackers in the week that ended yesterday, climbed as much as 44 percent to 43 million pounds, compared to 29 million pounds in the week earlier. October futures for cattle delivery rose $0.00875 (1 percent) to $0.92275 per pound on CME.

Cotton futures rebounded as the weaker dollar boosted demand for some commodities as an inflation hedge. The U.S. currency dropped to the lowest level in two months versus the basket of six currencies. December delivery for cotton gained $0.0086 (1.2 percent) to $0.7465 per pound on ICE Futures U.S.

Copper and aluminum prices rose after aluminum producer Alcoa Inc. reported that its earnings were higher than expected. Alcoa Inc. forecast that global aluminum demand would grow 12 percent in 2010. September futures for copper delivery added $0.0085 (0.3 percent) to $3.0175 per pound on COMEX. Aluminum rose 1.2 percent to $1,995 per metric ton on LME.

Arabica coffee climbed to the weekly high level today amid speculations that supplies would decline. Inventories tracked by ICE sank 29 percent this year to the lowest level since August 2002 as of July 7th. Global exports will be below last year’s forecast of 95.5 million bags (1 bag equals 60 kilograms or 132 pounds). September delivery for Arabica coffee gained $0.024 (1.5 percent) to $1.645 per pound at 10:01 on ICE.

Cattle futures dropped today on expectation that outdoor grilling in the U.S. would decline because of jot weather, diminishing demand for beef. Prices also may slump as investors liquidate positions after the three-day rally. Prices were rising throughout this year partly because of growing demand for beef. August futures for cattle delivery dropped $0.004 (0.4 percent) to $0.905 per pound as of 10:47 on CME.

Cattle and hogs futures gained today on outlook that demand for U.S. exports would rise as stocks gained and the dollar fell. The dollar tumbled today as much as 0.8 percent versus the basket of six major currencies, increasing attractiveness of U.S. exports. August futures for cattle delivery gained $0.01275 (1.4 percent) to $0.9075 per pound by 9:14 on CME. August futures for hog settlement went up $0.00525 (0.7 percent) to $0.80575 per pound.

Copper prices rose today as declining stockpiles suggested that demand would remain strong despite the slowdown of the global economic recovery. LME-monitored inventories declined 12 percent this year and fell to the lowest level in seven months today. September futures for copper delivery rose $0.092 (3.2 percent) to $3.9925 per pound by 11:33 a.m. on COMEX.

Corn prices dropped today on prediction that rainfalls would increase soil moisture and boost harvest in the U.S., the largest exporter in the world. Analysts say that prices are high enough, despite fewer than planned acres were sowed last month because of unfavorable weather. December futures for corn delivery slid $0.0275 (0.7 percent) to $3.8175 per bushel as of 12:54 on CBoT.

Raw sugar rose today for a third consecutive day on outlook for increasing purchases from Russia next month as the import tax was lowered. Analysts say that sugar prices may go up 30 percent in 2010 on rising demand, low output and transportation delays. October delivery for raw sugar gained $0.0026 (1.6 percent) to $0.1654 per pound on ICE.

Cattle and hogs slid today on concern for economic growth as the U.S. payrolls was lower than expected. Demand for meat also tends to fall in July and August because of hot weather. August delivery for cattle futures slipped $0.002 (0.2 percent) to $0.8975 per pound as of 12:01 p.m. on CME. August settlement for hog futures dropped $0.008 (1 percent) to $0.8105 per pound.

Cocoa dropped today on concern that the U.S. economic recovery would stall, damping demand for commodities. U.S. nonfarm payrolls dropped in June more than expected. Housing market and manufacturing sector also showed signs of weakness. September delivery for cocoa declined $70 (2.3 percent) to $2,971 per metric ton on ICE.

Sugar futures were shifting from losses and gains, after jumping to the highest level in nine weeks in New York on speculation that demand would remain at the present level. Complicated credit situation and high prices depleted sugar inventories last year, prompting consumers to restock their supplies and supporting demand. October delivery for raw sugar slid $0.0001 (0.1 percent) to $0.1618 per pound on ICE Futures U.S. October futures for white-sugar delivery added $10.60 (2.3 percent) to $478.70 per metric ton on the Liffe exchange.

Hog and cattle futures gained on prospect for resuming imports of U.S. chicken to Russia would cause the U.S. meat supplies to dwindle. Russia, previously the biggest consumer of U.S. chicken, has agreed to lift a five-month-old ban on the meat after yesterday’s meeting of U.S. and Russian presidents. August futures for hog settlement advanced $0.00225 (0.3 percent) to $0.83475 per pound by 10:57 on CME. August futures for cattle delivery rose $0.0025 (0.3 percent) to $0.894 per pound.

Cotton prices rose on outlook for increasing demand from mills in the U.S., the biggest exporter of the fiber. U.S. mills used the fiber at an adjusted annual rate of 3.582 million bales in May, compared to the April rate of 3.48 million and up 7.6 percent compared to the previous year. December delivery for cotton gained $0.0028 (0.4 percent) to $0.79 per pound at 10:10 a.m. on ICE.

Coffee slipped today on forecasts about high output in Brazil. Analysts think that the previous high prices haven’t reflected the supply and demand balance and the correction was expected. September delivery for Arabica-coffee fell $0.008 (0.5 percent) to $1.60 per pound by 8:32 on ICE Futures U.S.

Wheat declined today for the third consecutive session as hot weather in the U.S. made fields dry enough for harvest. U.S. winter crop harvest was completed at 17 percent as of June 20th, up from 9 percent the week before. September futures for wheat delivery slid $0.04 (0.8 percent) to $4.7325 per bushel by 10:07 on CBoT.

Hog and cattle futures gained today as prices for wholesale-meat rose with expectations of increased demand in the U.S. as summer grilling started. Demand should increase with the coming of the U.S. Independence Day holiday on July 4, encouraging grocers to increase their stockpiles. August futures for hog settlement rose $0.00325 (0.4 percent) to $0.84675 per pound as of 10:11 on CME.

Copper gained today for the sixth successive session as the dollar weakened, boosting demand for commodities. The U.S. dollar dropped as much as 0.7 percent versus the basket of six major currencies. September futures for copper delivery gained $0.0115 (0.4 percent) to $3.024 per pound on COMEX.

Cattle and hogs advanced today on signs that the demand will rise. Rising equities and falling dollar also added helped the prices. August futures for cattle delivery advanced $0.00475 (0.5 percent) to $0.886 per pound on CME.

Sugar declined today on speculation that the prices will go down. Concerns arose among trader that the sugar rally was overdone and the prices won’t be held on the current level. October delivery for raw sugar slid $0.0004 (0.3 percent) to $0.1595 per pound on ICE.

Hog and cattle futures advanced on signs of the expanding global economic recovery, which may increase demand for U.S. meat. China’s exports jumped 50 percent from the last year, hinting that pace of the global recovery is accelerating. The weaker dollar also helped U.S. meat exports, making them cheaper, and thus more attractive, to oversees buyers. July futures for hog settlement rose $0.0075 (1 percent) to $0.7895 per pound by 10:05 on CME. August futures for cattle delivery gained $0.00525 (0.6 percent) to $0.8835 per pound.

Cocoa futures gained for the third consecutive day in New York amid concerns that the viral disease may hurt the crops, diminishing output in Ivory Coast, the biggest grower in the world. The only way for farmers to prevent spreading of swollen shoot, which is spread by insects and usually kills infected plants within two years, is by uprooting and burning infected trees. Global output will trail demand by 69,000 metric tons in the year ending September 30th. July delivery for cocoa advanced $13 (0.4 percent) to $2,994 per metric ton as of 10:16 on ICE Futures.

Corn gained today after the yesterday’s government report showed that the condition of the U.S. crop worsened. About 5 percent of the corn crop was rated from poor to very poor. July futures for corn delivery gained $0.0075 (0.2 percent) to $3.365 per bushel by 9:56 on the Chicago Board of Trade.

Wheat prices went up on speculation that rains will slow the harvest. By June 6th farmers harvested around 3 percent of the crop, which is 6 percent lower than the five-year average for this period. July futures for wheat delivery advanced $0.0225 (0.5 percent) to $4.3450 per bushel as of 10:15 on CBoT.

Cattle futures advanced on speculation that the price, which fell to the lowest level in five months, will boost demand. The weaker dollar also increased the demand, making the U.S. meat exports cheaper. August futures for cattle delivery went up $0.002 (0.2 percent) to $0.87925 per pound by 12:12 p.m. on CME.