Orange-juice futures also reached a record today. Citrus crops in Texas were hit by greening disease that has already caused an extensive damage to plants in Florida. At the same time, the US Food and Drug Administration halted juice imports from Brazil to check for banned fungicide. Futures for delivery of orange juice in March rose by the exchange limit of $0.1 (5 percent) to the record of $2.1065 per pound as of 11:00 on ICE.
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Cattle advanced as demand for beef rose, while supply decreased. Beef price increased 5 percent in the United States this year, following the 10 percent increase in 2011. Beef exports jumped 25 percent in the 10 months ended October 31 from a year ago, while cattle herds were record small last year. April futures for cattle delivery rose 0.9 percent to $1.264 per pound at 13:00 on CME.
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US exports of beef rose 27 percent over the year ended August. The US Department of Agriculture predicted production of beef will decline 4.9 percent in 2012 as high feed costs caused farmers to trim their herds.

The positive fundamental reports from the US helped commodities, including cattle. The retail sales rose, the import and export prices increased, while the federal budget deficit shrank.

December futures for cattle delivery rose 0.3 percent to $1.232 per pound as of 13:00 yesterday on CME, following the advance to the all-time record $1.243. Prices advanced 1.1 percent over this week. The previous all-time high was reached on October 3.
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The whole metals market can be described with a phrase “extremely bearish.” While previously the fall in the industrial metals would mean an uptrend in the precious metals, the recent trading sessions show that all metals can fall simultaneously and to do it very well. Although some analysts say that silver is falling because the investors have to close their position to cover the expanding stock market losses, silver has its own reasons to fall.

Last Friday, CME announced an increase of the margin requirements for the futures trading in silver. These new requirements take effect today. While the Federal Reserve is concerned with the stagnation in the economic recovery, there will be no new quantitative easing round, which means that the banks will have less cash to speculate on the gold/silver market.

Silver fell from $30.75 to $30.01 per troy ounce on the spot market as of 17:23 GMT today, following a drop to as low as $26.11/ounce during the early trading session. It lost more than 24% since Wednesday.
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The Standard & Poor’s GSCI Index of 24 commodities slumped 1.3 percent to 599.25 as of 15:47, following the drop to 594.12, the lowest level since December 2. CME Group Inc. (the owner of the COMEX exchange) increased margins on gold, silver and copper futures.

December futures for delivery of gold tumbled as much as $101.90 (5.9 percent) to $1,639.80 per ounce on COMEX, the biggest drop since March 2008. The metal posted the biggest two-day decline since February 1983 — 9.3 percent. Futures for delivery of silver in December slid $6.477 (18 percent) to $30.101 per ounce, the biggest fall since October 1979. December futures for delivery of copper fell $0.2085 (6 percent) to $3.28 a pound. The two-day decline of the metal was 13 percent, the biggest since October 2008.
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India’s production of sugar may reach a highest level in four years. Analysts predict the output may total 25.83 million metric tons in the year starting October 1, compared with 24.2 million tons estimate for this year. The high production may prompt India to lift the limit on exports. The resulting boost of supplies on global markets can drive prices down. Sugar spot price fell 1.1 percent to $0.2760 from $0.2790.
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Corn, soybeans and wheat gained today as the US Department of Agriculture cut its forecast for harvest. The USDA decreased its estimates compared to July predictions because of excessively hot weather in parts of the US. Estimates for corn were lowered by 4.1 percent, for soybeans by 5.2 percent and for spring harvest of wheat by 5.2 percent. December futures for delivery of corn rose $0.255 (3.7 percent) to $7.14 per bushel as of 13:40 on CBoT. November futures for delivery of soybeans gained $0.3025 (2.3 percent) to $13.3175 per bushel. Contract for delivery of wheat in December advanced $0.1375 (1.9 percent) to $7.33.
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Price of some varieties of hay rose more than 50 percent during the last 12 months. The ongoing worst ever recorded drought destroys the grass and forces farmers to opt for more expensive cattle feed — mainly corn.

It’s estimated that this year, only one crop of hay will be collected compared to three crops harvested during normal years. The farmers are expected to harvest 57,605 million acres of hay this year — the lowest level since 1909. The corn is currently sown on 92,282 million acres — the highest post World War II level.

Corn futures is currently trading at $676.25 per bushel on CME as of 15:18 GMT today — up 0.26 percent during the day.
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Pork prices retreated from the record high as corn prices declined, prompting farmers to increase their hog herds for the first time since 2007. Corn prices reached the lowest level in six months on July 1 as farmers planted the second biggest area since 1944. Hog futures jumped 15 percent this year on CME.
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Cattle futures jumped to the record on the anticipation of higher demand from Japan. The retail prices for beef in the US touched the all-time high last month as supplies declined. June futures for cattle delivery rose $0.01675 (1.4 percent) to $1.19575 per pound by 13:00 on CME. The price rose to the record $1.198 earlier.

Soybeans gained to the highest level in a week on the speculation that supply may decline as farmers prefer to plant corn. US Farmer may forecast to plant 76.79 million acres with soybeans this year, compared to the previous forecast of the US Department of Agriculture of 78 million acres. May future for soybeans delivery added $0.08 (0.6 percent) to $13.695 per bushel at 10:41 on CBoT.
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Gold retreated from the record high on the speculation that the precious metal rallied too high, too fast. Silver also declined. A stronger dollar also contributed to the drop of the metals. April futures for gold delivery subtracted $8.70 (0.6 percent) to $1,426.20 as of 13:44 on COMEX, following the jump to the all-time high of $1,448.60 per ounce. May futures for silver delivery declined $0.326 (0.9 percent) to $37.049 per ounce after the price touched $38.18 yesterday, the highest level in 31 years.

Rubber dropped as China’s tightening measures caused the speculation that demand will wane. China’s central bank has raised the interest rates three times since October in an attempt to slow the rapidly accelerating inflation. September contract for delivery of natural rubber went down 0.9 percent to 35,560 yuan ($5,422) per ton in Shanghai.
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Wheat and corn posted the first gain this week on the concern that the global inventories may decline. The USDA is expected to reduce its estimate of the world supplies tomorrow. The experts say that Saudi Arabia will increase its imports of food to prevent increase of food prices, as the surge of the prices was one of the reasons for the uprising in Tunisia, Egypt and Libya. May delivery for wheat gained $0.07 cents (0.9 percent) to $7.8675 per bushel by 13:14 on CBoT. May delivery for corn added $0.045 (0.6 percent) to $7.10 per bushel.
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