Crude Oil Advances as Fed Commits to Low Rates, Durable Goods Orders Gain

Oil is trading higher for a second day after the Federal Reserve announced it plans to keep U.S.interest rates near a record low through 2014 and as a report showed durable goods orders in the world’s biggest crude-consuming country increased. Futures advanced above $100 a barrel after Fed Chairman Ben S. Bernanke said yesterday that policy makers are considering more [...]

Wheat Climbs to Three-Week High as Russia May Slow Shipments on Low Supply

Wheat advanced to a three-week high in Chicago as Russia may slow shipments of the grain with supplies for exports down. Corn and soybeans gained. Wheat stockpiles held by farmers in Russia’s main exporting regions in the south have dropped below last year’s levels, declining as much as 50 percent in some areas, SovEcon, a Moscow-based agricultural [...]

Commodities – Record U.S. Beef Sales Seen as Japan Reviews Curbs on Cattle

February Cattle are currently trading 120 higher @ 125.77 U.S. farmers, poised to ship record beef cargoes for a second straight year, may get a further boost as Japan, once their biggest overseas customer, considers easing trade curbs imposed after an outbreak of mad-cow disease. Sales to Japan may jump 43 percent to 202,100 metric tons, [...]

Euro Rises to 2-Week High Versus Dollar as Spain Sells Debt; Aussie Slides

The euro strengthened to a two-week high against the dollar as Spainraised more than its maximum target at a debt sale, boosting optimism the region’s sovereign debt crisis is being contained. The Dollar Index declined for a third day after U.S. inflation was little changed in December, giving the Federal Reserve more room to keepinterest rates near [...]

Unemployment claims at 352,000, near a four year low.

By CHRISTOPHER S. RUGABER AP Economics Writer WASHINGTON (AP) — The number of people seeking unemployment benefits plummeted last week to 352,000, the fewest since April 2008. The decline added to evidence that the job market is strengthening. The Labor Department says weekly applications fell 50,000, the biggest drop in the seasonally adjusted figure in [...]

Gold Futures Decline From Five-Week High as World Bank Cuts Growth Outlook

Gold fell from a five-week high amid concerns that slower growth will curb demand for bullion. The world economy will expand by 2.5 percent this year, down from a June estimate of 3.6 percent, as the euro area contracts 0.3 percent, the World Bank said. Gold climbed to a five-week high yesterday as Spanish and Greek borrowing [...]

Corn Traders Extend Bullish Bets on South America

Corn traders are bullish for a fifth consecutive week on speculation that dry weather in South America is damaging crops, boosting demand for U.S. supplies at a time when stockpiles are predicted to shrink to a 16-year low….  http://www.bloomberg.com/news/2011-12-30/corn-traders-extend-bullish-bets-on-south-america-crop-damage-commodities.html

Jobless claims top top the 400,000 mark…again!

Claims for unemployment insurance unexpectedly rose last week, climbing past the psychologically important 400,000 mark as the jobs market showed signs of more weakness.  Weekly applications for unemployment benefits rose 6,000 to a seasonally adjusted 402,000, the Labor Department said Thursday. Applications had been below 400,000 for three straight weeks.  http://www.cnbc.com/id/45506837

Morning Market Update – Commodity Futures news

Italian Bonds Rise for Second Day After Senate Votes for Austerity Package Italian bonds climbed for a second day as the nation’s Senate voted for debt-reduction measures designed to shore up investor confidence and pave the way for a new government in the euro area’s third-biggest economy.    http://www.bloomberg.com/news/2011-11-11/german-two-year-yield-approaches-record-low-before-italian-parliament-vote.html   Sugar Falls in New York [...]