June Natural gas – Short from 4.310 – last price @ 4.062 – N-gas confirmed the bearish TR pattern sequence with a trade through the 4.310 trigger price. The market price drop was quick, but did find support at the longer-term ascending parallel line. I look for a short-term bounce to a least a pause [...]
Gold Rallies To A 16-Week High As Fed May Add Stimulus
Gold advanced to the highest in 16 weeks amid speculation that the U.S. will take additional steps to spur economic growth, boosting the appeal of the precious metal as an inflation hedge. Platinum extended a rally. Minutes from the Federal Open Market Committee’s July 31- Aug. 1 meeting showed that “many members” believed more monetary [...]
Market News – USDA Cuts Forecasts for US Corn and Soybeans!
WASHINGTON–Drought in much of the Midwest is taking a sharp toll on corn and soybean yields, according to the U.S. Department of Agriculture, which on Wednesday cuts its forecasts for production this year. The average corn yield this year, USDA said in its monthly supply and demand report, is now estimated to be 146 bushels [...]
Wheat Fields Parched By Drought From U.S. To Russia.
Droughts withering wheat crops from the U.S. to Russia to Australia will probably spur the biggest reduction in global supply estimates since 2003 and drive prices to the highest in almost a year. Kansas, the top U.S. grower of winter wheat, is poised for its driest May on record, the state’s climatologist estimates. Ukraine and Russia, accounting [...]
Market Alert – CME changes trading hours for grains.
After being approved by the Commodity Futures Trading Commission the CME Group has expanded electronic grain futures trading to 21 hours. Trade now only stops between 2 p.m. and 5 p.m. Central each day. The new trading schedule started at 5 p.m. on Sunday. CFTC Commissioner Bart Chilton says he’s satisfied the three hours of [...]
Market news – U.S. Economy Grows at 2.2% Annual Rate, Less Than Forecast.
The U.S. economy expanded less than forecast in the first quarter as a smaller contribution from inventories overshadowed the biggest gain in consumer spending in more than a year. Gross domestic product, the value of all goods and services produced in the U.S., rose at a 2.2 percent annual rate after a 3 percent pace, Commerce Department figures showed [...]
Market News – Gold Declines as Stronger Dollar Curbs Investor Demand
Gold declined to a two-week low as a stronger dollar curbed demand for the metal as an alternative investment. Silver slumped to a three-month low. The dollar gained as much as 0.5 percent against a basket of currencies amid concern that the outcome of French presidential elections will disrupt efforts to stem the region’s debt [...]
Market news – Oil Falls on U.S. Inventory Forecasts, European Outlook
Crude dropped after the American Petroleum Institute said U.S. inventories rose to a 10-month high last week amid speculation that a slowing European economy may reduce demand. Prices fell as much as 0.6 percent on the report that supplies rose 3.41 million barrels to 369.3 million in the week to April 13. The Energy Department may say [...]
Market News – Sugar Surplus Prompts Traders’ Bear Streak: Commodities
Sugar traders are bearish for a seventh consecutive week, the longest stretch since at least 2007, on prospects for the first supply glut in four years. Sixteen of 22 analysts expect raw-sugar prices to decline next week and one was neutral, according to Bloomberg’s weekly sentiment survey that began in April 2007. Global production will [...]
Market news – Oil Falls a Second Day on U.S. Stockpiles, China Imports
Oil dropped for a second day in New York as a decline in China’s fuel imports and speculation that U.S. crude stockpiles rose to the highest in 22 years raised concern of slowing global demand. Futures slid as much as 0.8 percent. U.S. inventories probably increased 2 million barrels to 364.4 million last week, the most for this time of [...]