Corn gains on speculation of increased Chinese demand
Corn gains on speculation of increased Chinese demand
Corn gains on speculation of increased Chinese demand
Corn gains on speculation of increased Chinese demand
Corn gains on speculation of increased Chinese demand
Corn gains on speculation of increased Chinese demand
Forexpros – Corn futures rose on Thursday, recouping the previous day’s losses amid speculation that Chinese corn demand will remain strong in the near-term, while a broadly weaker U.S. dollar also lent support.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD6.5438 a bushel during European morning trade, jumping 1.55%.
It earlier rose by as much as 1.75% to trade at a daily high of USD6.5538 a bushel.
Corn prices were boosted after a survey of corn growers in the seven main producing regions in China showed that corn imports were expected to rise to a record high 5 million tons in the 2011-12 marketing season.
Chinese corn imports totaled 1 million tons in the previous marketing season.
According to the data, corn production was expected to reach a record 189.2 million metric tons in the harvest that began in September, 6.7% more than a year earlier.
However, the expected jump in imports underline the view that Chinese farmers are failing to grow enough grain to meet rising demand.
U.S.-based commodity broker Newedge Group said in a report earlier that, “It’s an amazing crop, but demand is just too strong. “Everybody has been projecting a record crop, and yet the Chinese government just bought U.S. corn.”
China purchased approximately 900,000 tonnes of U.S. corn on October 13, the second largest single-day sale of U.S. corn supplies on record, according to the U.S. Department of Agriculture. China is the world’s second largest corn consumer.
Meanwhile, weakness in the U.S. dollar also contributed to gains as commodity traders continued to eye development out of Greece.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.3% to trade at 77.06.
A weaker dollar boosts the appeal of U.S. crops to overseas buyers and makes commodities more attractive as an alternative investment.
Elsewhere on the Chicago Mercantile Exchange, wheat for December delivery rose 1.2% to trade at USD6.3063 a bushel, while soybeans for January delivery jumped 1.77% to trade at USD12.2475 a bushel.
Thursday, November 3, 2011
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Forexpros - Cotton futures were down for a fourth day on Thursday, slumping to a seven-day low after the International Cotton Advisory Committee warned of slowing global cotton demand and forecast a significant drop in prices.
On the ICE Futures U.S. Exchange, cotton futures for December delivery traded at USD0.9780 a pound during early U.S. morning trade, dropping 0.55%.
It earlier fell by as much as 0.74% to trade at USD0.9761 a pound, the lowest price since October 25.
The International Cotton Advisory Committee said that global cotton demand in the 2011-12 marketing season was forecast to total 24.6 million tonnes, almost unchanged from 24.7 million in the previous marketing year.
China, India and Pakistan, which together account for nearly two-thirds of global demand, will show almost no growth in consumption, according to the ICAC.
"The projected slowdown in global economic growth in 2011 and 2012 will affect consumption of textile products, and therefore demand for cotton fiber," the committee said.
While demand is expected to weaken, global production of the fiber was forecast to increase to 26.9 million tons in the 2012-12 season, up 8% from the previous marketing season as higher prices earlier in the year prompted farmers to plant more cotton crops.
Production is expected to increase significantly in Pakistan, Australia, and Turkey. However, U.S. production is forecast down by 12%, due to severe drought in the Southwest.
The ICAC raised its estimate for the world cotton surplus in 2011-12 to 2.3 million tonnes, up from a previous projection of a 1.9 million tonnes surplus.
“This increase could translate into a significant decline in prices", the ICAC said.
Cotton prices have lost nearly 6.5% since hitting a six-week high of USD1.0434 a pound on October 28.
Meanwhile, commodity traders continued to eye development out of the euro zone, as the European Central Bank unexpectedly cut its key interest rate, while speculation mounted that Greek Prime Minister George Papandreou will resign later in the day.
Elsewhere, on the ICE Futures Exchange, coffee futures for December delivery jumped 1.34% to trade at USD 2.2688 a pound, while sugar futures for March delivery eased down 0.05% to trade at USD0.2556 a pound.
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Cotton futures fall to 7-day low amid downbeat outlook
Forexpros - Cotton futures were down for a fourth day on Thursday, slumping to a seven-day low after the International Cotton Advisory Committee warned of slowing global cotton demand and forecast a significant drop in prices.
On the ICE Futures U.S. Exchange, cotton futures for December delivery traded at USD0.9780 a pound during early U.S. morning trade, dropping 0.55%.
It earlier fell by as much as 0.74% to trade at USD0.9761 a pound, the lowest price since October 25.
The International Cotton Advisory Committee said that global cotton demand in the 2011-12 marketing season was forecast to total 24.6 million tonnes, almost unchanged from 24.7 million in the previous marketing year.
China, India and Pakistan, which together account for nearly two-thirds of global demand, will show almost no growth in consumption, according to the ICAC.
"The projected slowdown in global economic growth in 2011 and 2012 will affect consumption of textile products, and therefore demand for cotton fiber," the committee said.
While demand is expected to weaken, global production of the fiber was forecast to increase to 26.9 million tons in the 2012-12 season, up 8% from the previous marketing season as higher prices earlier in the year prompted farmers to plant more cotton crops.
Production is expected to increase significantly in Pakistan, Australia, and Turkey. However, U.S. production is forecast down by 12%, due to severe drought in the Southwest.
The ICAC raised its estimate for the world cotton surplus in 2011-12 to 2.3 million tonnes, up from a previous projection of a 1.9 million tonnes surplus.
“This increase could translate into a significant decline in prices", the ICAC said.
Cotton prices have lost nearly 6.5% since hitting a six-week high of USD1.0434 a pound on October 28.
Meanwhile, commodity traders continued to eye development out of the euro zone, as the European Central Bank unexpectedly cut its key interest rate, while speculation mounted that Greek Prime Minister George Papandreou will resign later in the day.
Elsewhere, on the ICE Futures Exchange, coffee futures for December delivery jumped 1.34% to trade at USD 2.2688 a pound, while sugar futures for March delivery eased down 0.05% to trade at USD0.2556 a pound.
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Forexpros – Gold futures rose to a six-week high on Thursday, trading above the psychologically-important level of USD1,750-an-ounce, after the European Central Bank unexpectedly cut its benchmark interest rate, while traders continued to eye developments out of Greece.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,759.85 a troy ounce during U.S. morning trade, jumping 1.75%.
It earlier rose by as much as 2.3% to trade at USD1,768.15 a troy ounce, the highest price since September 22.
Euro-denominated gold also rose to six-week high of EUR1,284.50 a troy ounce.
The ECB cut its benchmark interest rate from 1.5% to 1.25% earlier in the day, as the region’s escalating debt crisis overshadowed concerns over persistently high inflation.
Lower interest rates can give gold a lift, as it decreases the relative cost of holding on to the metal, which doesn't offer investors any similar guaranteed payout.
Speaking at the bank’s post policy meeting press conference new president, Mario Draghi said that ongoing tensions in financial markets could slow the pace of growth in the euro zone and said the region’s economy continued to be “subject to particularly high uncertainty and intensified downside risks.”
Gold traders continued to eye developments out of Greece. According to media reports, Greek Prime Minister George Papandreou abandoned plans to hold a referendum on its recent bailout deal after the country's main opposition party said it would back the aid package, citing two officials close to the Greek premier.
Later in the day, leaders from the G-20 group of nations were to meet in Cannes to discuss a range of issues, including the implications of a Greek default or possible euro zone exit.
Meanwhile, gold prices continued to draw support from comments by Federal Reserve Chairman Ben Bernanke on Wednesday, saying that an additional round of asset purchases, specifically mortgage-backed securities, was a “viable option” after the bank lowered its growth forecast for next year.
“We are prepared to do more and we have the tools to do more,” Bernanke said.
Elsewhere on the Comex, silver for December delivery rose 0.56% to trade at USD34.13 a troy ounce, while copper for December delivery slumped 0.9% to trade at USD3.549 a pound.
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Gold futures trade above USD1,750 with Greece in focus
Forexpros – Gold futures rose to a six-week high on Thursday, trading above the psychologically-important level of USD1,750-an-ounce, after the European Central Bank unexpectedly cut its benchmark interest rate, while traders continued to eye developments out of Greece.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,759.85 a troy ounce during U.S. morning trade, jumping 1.75%.
It earlier rose by as much as 2.3% to trade at USD1,768.15 a troy ounce, the highest price since September 22.
Euro-denominated gold also rose to six-week high of EUR1,284.50 a troy ounce.
The ECB cut its benchmark interest rate from 1.5% to 1.25% earlier in the day, as the region’s escalating debt crisis overshadowed concerns over persistently high inflation.
Lower interest rates can give gold a lift, as it decreases the relative cost of holding on to the metal, which doesn't offer investors any similar guaranteed payout.
Speaking at the bank’s post policy meeting press conference new president, Mario Draghi said that ongoing tensions in financial markets could slow the pace of growth in the euro zone and said the region’s economy continued to be “subject to particularly high uncertainty and intensified downside risks.”
Gold traders continued to eye developments out of Greece. According to media reports, Greek Prime Minister George Papandreou abandoned plans to hold a referendum on its recent bailout deal after the country's main opposition party said it would back the aid package, citing two officials close to the Greek premier.
Later in the day, leaders from the G-20 group of nations were to meet in Cannes to discuss a range of issues, including the implications of a Greek default or possible euro zone exit.
Meanwhile, gold prices continued to draw support from comments by Federal Reserve Chairman Ben Bernanke on Wednesday, saying that an additional round of asset purchases, specifically mortgage-backed securities, was a “viable option” after the bank lowered its growth forecast for next year.
“We are prepared to do more and we have the tools to do more,” Bernanke said.
Elsewhere on the Comex, silver for December delivery rose 0.56% to trade at USD34.13 a troy ounce, while copper for December delivery slumped 0.9% to trade at USD3.549 a pound.
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Forexpros – Crude oil futures rose to a seven-day high in choppy trade on Thursday, amid reports that Greece abandoned plans to hold a referendum on its recent bailout deal and after the European Central Bank unexpectedly cut its benchmark interest rate.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD93.70 a barrel during U.S. morning trade, climbing 1.3%.
It earlier rose by as much as 1.8% to trade at USD94.22 a barrel, the highest price since October 25.
According to media outlets, Greek Prime Minister George Papandreou gave up plans for the referendum after the country's main opposition party said it would back the bailout, citing two officials close to the Greek premier.
Meanwhile, the ECB cut its benchmark interest rate from 1.5% to 1.25% earlier in the day, as the region’s escalating debt crisis overshadowed concerns over persistently high inflation.
Speaking at the bank’s post policy meeting press conference new president, Mario Draghi said that ongoing tensions in financial markets could slow the pace of growth in the euro zone and said the region’s economy continued to be “subject to particularly high uncertainty and intensified downside risks.”
Crude prices found further support after the U.S. Department of Labor said that initial jobless claims fell by 9,000 to 397,000 last week, beating expectations for a decline to 400,000. It was the lowest figure in six weeks.
Oil traders have been paying close attention to readings on U.S. employment levels for signs that people are returning to work, thus driving more and using more energy.
Prices came off their highs after the U.S. the Institute of Supply Management said that its non-manufacturing purchasing managers' index fell by 0.1 points to 52.9 in October from 53.0 in September. Analysts had expected the index to rise by 0.7 points to 53.7 in October.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery rose 0.75% to trade at USD110.16 a barrel, with the spread between the Brent and crude contracts standing at USD16.46 a barrel.
Wall Street lender J.P Morgan expects Brent to average USD115 next year amid falling inventories and low spare production capacity of suppliers.
In a report published Wednesday the bank said, "The oil market is very tight and that means it can easily rally by USD10 to USD20 in a blink on seasonal demand or supply-side issues."
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Crude oil gains after ECB rate cut, Greece, G-20 in focus
Forexpros – Crude oil futures rose to a seven-day high in choppy trade on Thursday, amid reports that Greece abandoned plans to hold a referendum on its recent bailout deal and after the European Central Bank unexpectedly cut its benchmark interest rate.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD93.70 a barrel during U.S. morning trade, climbing 1.3%.
It earlier rose by as much as 1.8% to trade at USD94.22 a barrel, the highest price since October 25.
According to media outlets, Greek Prime Minister George Papandreou gave up plans for the referendum after the country's main opposition party said it would back the bailout, citing two officials close to the Greek premier.
Meanwhile, the ECB cut its benchmark interest rate from 1.5% to 1.25% earlier in the day, as the region’s escalating debt crisis overshadowed concerns over persistently high inflation.
Speaking at the bank’s post policy meeting press conference new president, Mario Draghi said that ongoing tensions in financial markets could slow the pace of growth in the euro zone and said the region’s economy continued to be “subject to particularly high uncertainty and intensified downside risks.”
Crude prices found further support after the U.S. Department of Labor said that initial jobless claims fell by 9,000 to 397,000 last week, beating expectations for a decline to 400,000. It was the lowest figure in six weeks.
Oil traders have been paying close attention to readings on U.S. employment levels for signs that people are returning to work, thus driving more and using more energy.
Prices came off their highs after the U.S. the Institute of Supply Management said that its non-manufacturing purchasing managers' index fell by 0.1 points to 52.9 in October from 53.0 in September. Analysts had expected the index to rise by 0.7 points to 53.7 in October.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for December delivery rose 0.75% to trade at USD110.16 a barrel, with the spread between the Brent and crude contracts standing at USD16.46 a barrel.
Wall Street lender J.P Morgan expects Brent to average USD115 next year amid falling inventories and low spare production capacity of suppliers.
In a report published Wednesday the bank said, "The oil market is very tight and that means it can easily rally by USD10 to USD20 in a blink on seasonal demand or supply-side issues."
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
Forexpros - U.S. stocks were up after the closing bell on Thursday.
At the close of U.S. trade, the Dow Jones Industrial Average rose 1.76%, the S&P 500 index gained 1.88%, while the Nasdaq 100 index climbed 2.13%.
Earlier in the day, official data showed that U.S. Initial Jobless Claims fell more-than-expected to a seasonally adjusted 397K last week from 406K in the preceding week whose figure was revised up from 402K.
Analysts had expected Initial Jobless Claims to fall to 400K last week.
Meanwhile, across the Atlantic, European stock markets closed higher. France’s CAC 40 was up 2.73%; Germany’s DAX gained 2.81%; Britain’s FTSE 100 climbed 1.12%; and the EURO STOXX 50 rose 2.45%.
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
U.S. markets close higher; Dow Jones up 1.76%
Forexpros - U.S. stocks were up after the closing bell on Thursday.
At the close of U.S. trade, the Dow Jones Industrial Average rose 1.76%, the S&P 500 index gained 1.88%, while the Nasdaq 100 index climbed 2.13%.
Earlier in the day, official data showed that U.S. Initial Jobless Claims fell more-than-expected to a seasonally adjusted 397K last week from 406K in the preceding week whose figure was revised up from 402K.
Analysts had expected Initial Jobless Claims to fall to 400K last week.
Meanwhile, across the Atlantic, European stock markets closed higher. France’s CAC 40 was up 2.73%; Germany’s DAX gained 2.81%; Britain’s FTSE 100 climbed 1.12%; and the EURO STOXX 50 rose 2.45%.
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
Forexpros - European stocks were up after the closing bell on Thursday.
At the close of European trade, Germany’s DAX rose 2.81%, London’s FTSE 100 gained 1.12%, France’s CAC 40 climbed 2.73% and the EURO STOXX 50 was up 2.45%.
Meanwhile, on Wall Street, equity markets were up after the open. The Dow Jones Industrial Average was up 1.60%; the S&P 500 index gained 1.66%, while the Nasdaq 100 index climbed 1.64%.
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
European markets close higher; Dax up 2.81%
Forexpros - European stocks were up after the closing bell on Thursday.
At the close of European trade, Germany’s DAX rose 2.81%, London’s FTSE 100 gained 1.12%, France’s CAC 40 climbed 2.73% and the EURO STOXX 50 was up 2.45%.
Meanwhile, on Wall Street, equity markets were up after the open. The Dow Jones Industrial Average was up 1.60%; the S&P 500 index gained 1.66%, while the Nasdaq 100 index climbed 1.64%.
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
Forexpros – Service sector activity in the U.S. declined unexpectedly in October, industry data showed on Thursday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index dipped by 0.1 points to 52.9 in October from 53.0 in September.
Analysts had expected the index to rise by 0.7 points to 53.7 in October.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index fell by 4.1 points to 52.4. The Employment Index rose 4.6 points to 53.3, while the Prices Paid Index declined 4.8 points to 57.1.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.51% to trade at 1.3676.
Meanwhile, U.S. stock markets were mixed after the data. The Dow Jones Industrial Average rose 0.2%, the S&P 500 index dipped 0.2%, while the Nasdaq Composite index slumped 0.25%.
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
U.S. ISM non-manufacturing PMI declines unexpectedly
Forexpros – Service sector activity in the U.S. declined unexpectedly in October, industry data showed on Thursday.
In a report, the Institute of Supply Management said its non-manufacturing purchasing manager's index dipped by 0.1 points to 52.9 in October from 53.0 in September.
Analysts had expected the index to rise by 0.7 points to 53.7 in October.
On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.
The New Orders Index fell by 4.1 points to 52.4. The Employment Index rose 4.6 points to 53.3, while the Prices Paid Index declined 4.8 points to 57.1.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.51% to trade at 1.3676.
Meanwhile, U.S. stock markets were mixed after the data. The Dow Jones Industrial Average rose 0.2%, the S&P 500 index dipped 0.2%, while the Nasdaq Composite index slumped 0.25%.
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