Corn jumped to the highest level since 2008 and wheat headed for the biggest weekly gain this year today on concerns that adverse weather in the US may hurt harvest. Some parts of the US have cool wet weather and even snow that can slow planting of corn. Yet other regions have drought that is bad for wheat. May contract for corn delivery rose $0.0625 (0.8 percent) to $7.6925 per bushel by 12:51 on CBoT after touching $7.7325, the highest price since July 3, 2008. July delivery for wheat advanced $0.0375 (0.5 percent) to $8.22 per bushel. The grain rose 8.2 percent so far this week.
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Gold weakened today on the signs of the economic recovery on the US. The report today showed that the income and spending of the US consumers increased in February, while the nonfarm payrolls later this week is expected to show a significant increase of the employment. The good economic fundamentals erode demand for the precious metal as a safe haven. June futures for gold delivery went down $6.30 (0.4 percent) to $1,421.30 by 13:30 on COMEX.

Crude oil fell today on the outlook that the disaster in Japan and the sovereign-debt crisis in Europe will diminish demand for the fuel. Crude also dropped on the hopes that the military success of the rebels in Libya will bring closer the end of the conflict and will remove the uncertainty about supplies of oil from the country. May futures for crude oil delivery weakened by 0.9 to $104.50 per barrel in electronic trading on NYMEX.
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The uprising in Libya pushed oil higher on concerns about supply, while also boosting gold as a safe haven. The warplanes of the Libyan government forces dropped bombs at the positions of the rebels around Benghazi. The US suggested the foreign intervention to remove Libya’s leader Muammar Qaddafi from power. Bahrain’s police arrested six opposition leaders. On March 15 Bahrain declared the three-month state of emergency. April futures for gold delivery gained $8.10 (0.6 percent) to $1,404.20 by 13:45 on COMEX. April delivery for crude oil advanced $3.44 to $101.42 per barrel on NYMEX.
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Japan slashed its planned purchases of wheat in the tender on March 17 to 32,381 metric tons, 76 percent down from its last week purchases. The danger of nuclear pollution caused Asian countries to check food imports from Japan. Indonesia, Malaysia, Philippines, Singapore, South Korea, and Thailand the took measures to check Japanese fruit, meat, seafood and vegetables for radiation contamination.

May futures for corn delivery dropped by the exchange limit of $0.3 (4.5 percent) to $6.36 per bushel as of 13:15 on CBoT. May futures for soybean delivery fell by the maximum allowed $0.7 (5.2 percent) to $12.70 per bushel, the lowest price since December 13. May futures for wheat delivery slipped $0.53 (7.4 percent) to $6.6775 per bushel, the biggest drop since August 6.
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Gold advanced as the strongest earthquake in the history of Japan boosted demand for safety. The 8.9-magnitude earthquake caused deaths of thousands and resulted in the explosion at the nuclear plant. The Bank of Japan poured ¥21 billion of excessive liquidity to help financial institutions to deal with the consequences of the disaster. April futures for gold delivery gained $3.10 (0.2 percent) to $1,424.90 per ounce by 14:05 on COMEX.
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The 8.9-magnitude earthquake off the north coast of Japan shook buildings in Tokyo and caused multiple deaths. On the other positive side, specialists say that the disaster most likely won’t cause a long-term damage to supplies in the country.

World stockpiles of wheat will reach 181.9 million metric tons by the end of the marketing year on May 31, according to the USDA forecast. Corn stockpiles expected to advance from 122.5 million tons last month to 123.1 million tons, because of the better harvests in Brazil. Rice inventories may reach 98.8 million tons, the highest level in eight years.

May futures for corn delivery slipped $0.1475 (2.2 percent) to $6.68 per bushel as of 10:07 on CBoT, the biggest decline since November 12. May delivery for rice fell $0.425 (3.3 percent) to $12.625 per 100 pounds after it touched $12.55, the lowest level since October. May futures for soybean delivery went down $0.18 (1.3 percent) to $13.375 per bushel. The prices declined this week 5.4 percent, the biggest weekly decline since October 1. May delivery for wheat subtracted $0.14 (1.9 percent) to $7.265 per bushel, posting a weekly decline of 13 percent, the biggest drop since December 2008.
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Gold and silver retreated after the longest rally since August. The uncertainty caused by the tensions in North Africa and Middle East, which boosted the prices for the precious metals, persists and the metals declined most likely because traders took profit from the high prices. The upward momentum remains in place and the prices will likely continue to rise in the future. April futures for gold delivery dropped $6.50 (0.5 percent) to $1,409.30 per ounce by 13:43 on COMEX.
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Retail sales in the US grew 1.2 percent in October. The sales rose by 0.7 percent in September and were expected to keep the same pace last month.

Annual growth of Japan’s gross domestic product in the third quarter of 2010 was 3.9 percent, while median forecast promised only a 2.5 percent increase. Business spending rose 0.8 percent in the third quarter. Decline of industrial output in September was revised from 1.9 percent to 1.6 percent.

The Standard & Poor’s 500 Index advanced 0.6 percent to 1,206.15 by 13:22 in New York. The Dow Jones Industrial Average went up by 0.7 percent to 11,270.61.

December delivery for crude oil rose $0.24 cents (0.3 percent) to $85.12 per barrel as of 13:21 on NYMEX. December contract for Brent crude oil gained $0.46 (0.5 percent) to $86.80 on ICE.
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Gold slipped together with other commodities today as signs slower global economic growth caused investors to sell commodities and equities. Stronger dollar also pushed gold prices lower. Reports this week increased concerns that US economy may experience double-dip recession. Next week can also bring news, as reports expected to show that sales of existing homes in the US decreased, growth of exports from Japan slowed and German business confidence weakened. December futures for gold delivery went down $7.10 (0.6 percent) to $1,228.30 per ounce by 11:19 COMEX.
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Sugar futures dropped on the outlook for the recovering output in India, the largest consumer and second-biggest producer in the world. Previously sugar rose as the falling production of the sweetener in India resulted in the global deficit, but now the sugar production predicted to rise 24 percent to 23 million metric tons in the season starting October 1st. Analysts say that sugar will trade in a range $0.15-$0.18, yet in a worse case the price may drop to $0.13. July delivery for raw sugar dropped $0.0045 (2.6 percent) to $0.166 per pound on ICE Futures U.S. in New York.
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China, the largest buyer of copper in the world, decreased import after record purchases in 2009 as local smelters restarted production. Aluminum smelters in China, the largest producer of the industrial metal, resumed 5 million tons per annum of idled capacity in past year as profit margins improved with increasing prices. China’s purchases of refined aluminum dropped to 40,059 metric tons in January from 42,106 tons in December as the nation have ample inventories after it have bought more metal than necessary on outlook for a demand recovery.

Delivery for aluminum in three months rose 0.3 percent to $2,225 per ton by 15:57 on the London Metal Exchange. The price has reached previously a 15-month high.
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Wheat futures fell in Paris on speculation that rising global stockpiles will decrease prices. The U.S. Department of Agriculture reported that global wheat stockpiles will increase from 164 million metric tons a year earlier to 195.9 million tons by the end of May as supply exceeds demand for a second year. Prices may yet go up with farmers’ reluctance to sell at current prices and good European Union exports. March delivery for milling wheat fell 0.4 percent to 125.25 euros ($170.35) per metric ton today on NYSE Liffe.
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