Commodity Blog

Posts Tagged ‘CBT’

Copper gained in New York and London after imports of the industrial metal into China rose for a second month and the dollar fell. Shipments of copper into China increased to 369,400 tons in December. March futures for copper delivery gained $0.0405 (1.2 percent) to $3.441 per pound on the Comex division of the New York Mercantile Exchange. Delivery for copper in three months rose $106.50 (1.4 percent) to $7,567.50 a ton ($3.43 a pound) on LME.

Corn futures slid and soybeans declined on speculation that demand for supplies from the U.S. will decline as rains will increase crop yields in Argentina and Brazil. Rainfall will aid crops in Brazil in the next 10 days and will increase soil moisture for developing corn and soybeans in the next two days in Argentina. March futures for corn delivery declined $0.005 to $4.225 per bushel on the Chicago Board of Trade. March futures for soybean delivery slid $0.115 (1.1 percent) to $10.105 per bushel in Chicago.

Sugar tumbled to the lowest in nine weeks after speculators increased sales as prices last week reached the record in almost 29 years. Hedge-fund managers and other speculators boosted net-long positions by 25 percent in the last six weeks. March futures for raw-sugar delivery dropped $0.0078 (2.8 percent) to $0.2675 per pound on ICE.

Soybeans tumbled to the lowest in two weeks on outlook that demand for supplies from the U.S will wane as farmers in South America may harvest record crops next month. Argentina and Brazil, the two greatest growers after the U.S., may harvest a record 116 million tons. Rainfall next week will boost soybean filling and pod development in both countries. Analysts say that speculation about “demand shifting away from U.S. supplies, especially from China” caused “some selling”. January futures for soybean delivery slid $0.045 (0.4 percent) to $10.565 per bushel by 10:25 on the Chicago Board of Trade.

Wheat reached the highest level in a month after report that fewer acres were planted with winter varieties in the U.S. because of unusually wet weather. Some farmers were prevented from sowing wheat by muddy fields delaying corn and soybean harvests. The price also aided by speculators buying contracts with expectation on rising demand for raw materials. March futures for wheat delivery increased $0.1425 (2.6 percent) to $5.6725 per bushel on CBT.

Refined copper imports in China, the greatest buyer in the world, rebounded in November with rising domestic prices and increasing demand. China may increase imports to 200,000 tons per month in the first quarter of 2010 as high domestic prices made purchases from overseas sellers cheaper. Delivery for copper in three months on LME dropped 0.6 percent to $6,895 per ton by 15:21 in Shanghai.

Corn slid and soybeans went down as the dollar gained, curbing the attractiveness of commodities as an alternative investment. Analysts says that the strong dollar “is encouraging some speculators to reduce long positions”. March futures for corn delivery went down $0.055 (1.4 percent) to $3.945 per bushel as of 10:32 on CBT. March futures for soybean delivery slid $0.1075 (1.1 percent) to $9.9775 per bushel in Chicago.

Crude oil rose as the dollar dropped and on speculation about global economic restoration. A rising dollar cut demand for commodities as an alternative investment. February delivery for crude oil gained $0.62 (0.8 percent) to $74.34 per barrel by 13:13 on the New York Mercantile Exchange.

Wheat slid today on concern that growing global inventories will cut demand for supplies from the U.S. Analysts forecast that global supplies will rise as much as 17 percent to 190.9 million tons by May 31st. March futures for wheat delivery slid $0.03 (0.6 percent) to $5.25 per bushel by 10:12 on the Chicago Board of Trade.

Orange-juice futures jumped to a highest rate in 23 months on expectation that citrus yield may decline in Florida, the second largest grower of the fruit in the world. Orange harvest in Florida is expected to fall 17 percent compared to the last season because of drought and low temperatures. Analysts say that Florida may produce 135 million boxes of oranges in the year ending June 30th, the lowest total in three years. March futures for orange-juice delivery climbed $0.0375 (2.8 percent) to $1.381 per pound as of 10:56 on ICE.

Soybeans went up to the highest in two weeks with rising demand in China and U.S. Prices was also boosted by drought in Brazil and Argentina, decreasing soybeans exports from these countries in 2009. March futures for soybean delivery went up $0.0025 to $10.62 per bushel on the Chicago Board of Trade.

Coffee futures touched a record in 15 months on outlook that yield will drop in Brazil and Vietnam, the largest producers in the world. Coffee prices may also rise with colder weather boosting demand. March futures for Arabica-coffee delivery increased $0.0135 (0.9 percent) to $1.4725 per pound on ICE.

Wheat slid as the stronger dollar forced down demand for exports from the U.S. As crop is being harvested in Australia, while some countries like Canada and France also have wheat for sale, it looks like supply just exceeds demand. March futures for wheat delivery slid $0.0675 (1.2 percent) to $5.3675 per bushel on CBT.

Soybeans increased with rising demand for the oilseed, used to make animal feed and vegetable oil. Soybeans price was aided by record soybean-meal exports. January futures for soybean delivery increased $0.195 (1.9 percent) to $10.545 per bushel as of 10:21 on CBT.

Wheat price reached the highest level this month on speculation that farmers in the U.S. are holding sales, waiting till spot prices narrow the gap with futures on CBT. The market is bullish for farmers, so they are withholding supplies until spot prices rise to narrow the so-called basis or the spread with futures. March futures for wheat delivery gained $0.0825 (1.5 percent) to $5.4575 per bushel at 10:21 on CBT.

Crude oil little changed, remaining near a two-month low, on forecast that recovery of demand will be slow. Oil slid 1.8 percent after reports that industrial output is declining in Europe and the consumer confidence in Japan haven’t noticeably improved this year. Analysts predict that oil would trade in a $60-to-$80 range for the next couple of months. January delivery for crude oil added $0.05 to $69.92 per barrel by 10:36 on the New York Mercantile Exchange.

Copper prices jumped as the imports of the metal in China increased with rising country’s industrial output. Factory output in China rose 19 percent from a year earlier. March futures for copper delivery climbed $0.03 (1 percent) to $3.133 per pound on the New York Mercantile Exchange’s Comex division.

Corn and soybeans went up on expectations that rebounding economy in China may spur demand for food and animal feed. Analysts say that Chinese gross domestic product will rise 9.3 percent in 2010. March delivery for corn went up $0.08 (2 percent) to $4.01 per bushel by 12:16 on CBT.

Wheat prices increased on forecast that crops in Russia and Ukraine will be damaged by cold because of a lack of snow cover. Russia, Ukraine and Belarus have received less than 50 percent of normal rainfall the past 45 days and above-normal temperatures melted protective snow cover, leading to significant harm to plants by freezing temperatures next week. March futures for wheat delivery added $0.01 (0.2 percent) to $5.38 per bushel as of 12:56 on CBT.

Gold tumbled, erasing previous gains, as the strengthening dollar cut demand for precious metals as an inflation hedge. The dollar rose 0.9 percent, reaching highest level in a month versus the euro. February futures for gold delivery slid $20.60 (1.8 percent) to $1,143.40 per ounce on the Comex division of New York Mercantile Exchange.

Soybeans dropped on outlook that China, the greatest consumer of soybeans and vegetable oil, may shift to supplies from South America. Production of soybeans in Brazil and Argentina may reach a record 116 million tons in 2010, pushing demand for U.S. crop down. January futures for soybean delivery fell $0.075 (0.7 percent) to $10.455 per bushel by 10:31 on CBT.

Cattle rose on forecast that adverse winter weather in the northern U.S. Great Plains may slow animal-weight increases. Animals tend to gain less weight in winter, as they expend more energy to stay warm. As a result colder winter means slower weight increase. February futures for cattle delivery rose $0.00275 (0.3 percent) to $0.83475 per pound as of 12:36 on CME.

Corn dropped to the lowest in three weeks on prediction that the U.S. inventories will grow. Analysts consider export demand to be slow. March futures for corn delivery dropped $0.01 (0.3 percent) to $3.875 per bushel by 12:43 on the Chicago Board of Trade.

Copper tumbled on speculation that the global economic recovery may become slower. Imports of the metal in China, the largest consumer of copper in the world, slid in October for the third time in four months. March delivery for copper slid $0.0065 to $3.252 per pound by 11:39 on the New York Mercantile Exchange’s Comex unit.

Soybeans gained for the first time in three sessions on speculation that global demand for the U.S. oilseed and animal feed increased. Sales grew 58 percent to 27.8 million metric tons since September 1st. January futures for soybean delivery gained $0.0675 (0.7 percent) to $10.4075 per bushel as of 11:52 on CBT.

Hog futures climbed to the weekly high on speculation that a rising prices for U.S. wholesale-pork signaled increasing export demand. Exports are rising as the dollar falls and as countries lift bans on U.S. pork that were put after the swine flu outbreak. February futures for hog settlement climbed $0.003 (0.5 percent) to $0.6695 per pound at 12:21 on CME.