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Light Rain ~ High: 65°F ~ Low: 41°F Thursday, May 23, 2013 |
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Soybeans Shoot Higher
Posted Friday, May 17, at 4:23 PM Although US farmers are expecting to harvest a large soybean crop this fall, the current supply of soybeans in storage is running low, lifting prices higher. This week, July soybeans shot up 45 cents (+3.2%), reaching $14.47 per bushel on Friday morning...
Coffee Prices Buzz Higher Coffee prices have climbed for seven consecutive days, rising nearly sixteen cents per pound (+12%). Much of the rally has been driven by weather in Brazil, the source of one-third of the world's coffee. The approaching Southern Hemisphere winter dropped temperatures into the 30s in Brazil's largest coffee-growing region. ...
Chilly Temps Chase Wheat Higher Unseasonably cold weather struck across the Great Plains this week, bringing snow and freezing temperatures to major wheat producing regions. Although the extent of the damage is uncertain, some analysts expect significant yield loss in the wheat crop that is growing in the hard-hit states Kansas, Oklahoma, Texas and Colorado. ...
Spring Fever Helps Beef Demand Crave a cook-out? Americans who have been hankering for a hamburger may finally get their chance to roll out the grill and release their pent-up demand for beef, pork and chicken. The US population consumes more meat per capita than any other nation and has been losing patience with cold, rainy weather...
Gold Gouged On Friday, gold collapsed to the lowest level since 2011, pressured lower by expectations that Cyprus may be forced into selling a portion of its gold holdings. Although Cyprus received emergency bailout funds in recent weeks, the government is expected to take additional losses from bad loans that it made to commercial banks. The island nation is expected to sell more than $500 million worth of its gold holdings to help pay for the losses, which spawned a sell-off in the global gold market...
Gasoline Prices Slashed Gasoline futures dropped nearly 25 cents (-7.7 percent) per gallon this week, falling to the lowest level since late January. Prices are sliding as refinery operations are increasing, with US refineries running at 86.3 percent of capacity, the highest level since early January. More and more refineries are coming on line as producers stockpile gasoline ahead of the summer driving season, which is usually defined as the period between Memorial Day and Labor Day...
USDA Report Shows More Grain A quarterly USDA grain stocks report released midday Thursday caused a downward correction in the grain markets, showing larger stockpiles of corn, wheat and soybeans than had been anticipated. Prices tumbled immediately when the report was released at 11 AM CST on Thursday, led lower by corn, which had stockpiles that were 7.7% higher than expectations. ...
Cyprus Crisis Ails Euro The banking system in Cyprus continues to totter near collapse as Cypriot banks try to figure out a way to make up for deep losses they suffered by investing customer deposits in Greek bonds. Cyprus has been pledged bailout funds from the European Union, but it is required to come up with as much as 5.8 billion Euros ($7.54 billion) in matching funds on its own. ...
Orange Juice Market Shines Orange juice prices leapt higher recently as outlooks for the Florida orange crop continue to shrink due to poor weather and crop disease. The USDA recently reduced its estimate of the US orange crop size by 1.4 percent, partially due to weather concerns in Florida, the source of one quarter of the world's oranges. ...
Copper Melts Lower Over the last decade, relatively high prices and expectations for rising Chinese demand led to significant investments in copper mining. Recent reports indicate that these investments will soon lead to the biggest increase in copper production in 13 years...
Cattle Weights Clipped by Storms Severe winter storms continued this week across the Great Plains, with cold weather expected to slash animal weights. Severe weather can stress cattle, causing them to eat less and lose weight; some reports released showed animals as much as 100 pounds lighter due to the storms. This reduction in weights translated to a smaller supply of cattle and helped to push prices higher...
Soybeans Shoot Higher Soybean prices rallied sharply this week as global demand for US soybeans picked up. The United States is a major soybean exporter, second only to Brazil. It had been estimated that Brazil would produce a record soybean crop this year, but they are having problems transporting beans from the field to international markets. ...
USDA Crop Report Confirms Tight Supplies The USDA released its monthly estimate of grain supply and demand on Friday at 11 AM CST. The report confirmed fears that the United States could run dangerously low on soybeans before this upcoming fall's harvest, with only 125 million bushels expected to remain in storage this fall. This represents only 15 days of excess supply...
Corn Pops under Argentine Heat On Friday, corn reached the highest price since early December, climbing to over $7.46 per bushel. Prices rallied as the market grew more concerned about hot and dry weather in Argentina threatening that nation's crop. Argentina is the world's fourth-largest corn producer, and its April to May harvest is especially important because it comes when the world's corn stockpiles are getting low...
Gasoline Explodes Skyward Unleaded gasoline futures leapt higher this week, reaching a three-month high on Thursday. Prices for wholesale gasoline, which excludes taxes and other expenses, reached as high as $2.87 per gallon, up seven cents per gallon (+2.5%) during the week...
Energy Markets Shocked Higher Crude oil, gasoline and natural gas rallied sharply this week on the heels of bullish news. Unexpectedly, a militant attack on a natural gas production facility in Algeria resulted in hostages being taken and killed, including American, British and Japanese citizens. The attack put foreign policy and energy analysts on edge. Although details are still spotty, some believe that al Qaeda may be implicated in the attack, suggesting a further destabilization of North Africa...
Rice Poised to Rebound? Corn, wheat and soybeans are the headline-grabbing grains for most US commodities traders, who largely ignore rice. This is primarily because the United States is a minor rice producer and consumer, making that market less relevant to US farmers and consumers. Nonetheless, the sleepy US rice market can experience wild swings if global production and consumption patterns change...
Orange Juice Prices Sour Orange juice prices fell this week as better weather across Florida increased hopes for a robust orange crop this year. The Sunshine State produces more than 70 percent of U.S. oranges, making its weather patterns important to orange juice traders. Much-needed rains fell across the state over the last few weeks, and weather has remained warm, reducing fears of a damaging frost this winter...
Corn's Tumultuous Year: A Look Back Corn prices made a record high this year as drought ravaged crops across the Midwest. Despite the fact that farmers planted the most acres of corn since 1937, this year's corn crop was relatively small due to drought-induced low yields. As corn baked throughout the late summer, market expectations of a dangerously small crop pushed prices to a record-breaking $8.43 per bushel...
Soybeans Sink Soybean prices collapsed by nearly $1.00 (-6.5%) per bushel during the week, hammered lower by news that China had cancelled major soybean purchases from the United States. The cancelled orders, which represented 540 million metric tons, are the largest cancellation in at least 14 years. ...
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Alex Breitinger, a 2009 graduate of DePauw University, is a commodity futures broker with Breitinger & Sons, LLC in Valparaiso. He can be reached at 800-411-FUTURES (3888) or online at www.indianafutures.com.
Hot topics Soybeans Shoot Higher(0 ~ 3:23 PM, May 17)
Coffee Prices Buzz Higher
Chilly Temps Chase Wheat Higher
Spring Fever Helps Beef Demand
Gold Gouged
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