Wednesday, December 19, 2018
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silver leads decline as natural gas gains: commodities at close

the standard & poor’s gsci gauge of 24 commodities dropped 0.4 percent to 642.17 at 5:22 p.m. in london. the ubs bloomberg cmci index of 26 raw materials was down 0.8 percent at 1,567.015.

precious metals

gold futures fell to the lowest since august after a report showed the u.s. economy grew more than forecast last quarter, damping expectations that the federal reserve will expand monetary stimulus.

hogs increase on signs of rising demand for pork; cattle advance

hog futures climbed on speculation that lower pork prices will encourage u.s. consumers to favor the meat over more costly beef. cattle rose.

wholesale pork prices slumped 3.9 percent last week to 81.72 cents a pound, the biggest slide since nov. 16, while wholesale beef added 0.9 percent to $1.9469 a pound, u.s. department of agriculture data show. cattle futures jumped 13 percent in the past six months as supplies tightened, reaching record highs the past three sessions.

u.s. soy, corn off on poor export demand; wheat weak too

u.s. corn and soybean futures dropped on tuesday, pressured by improving weather for the crop in brazil and slumping demand for u.s. exports, traders said.

"brazilian weather is about as close to perfect as you are going to get," said sterling smith, futures specialist for citigroup in chicago. "that is taking a little bit of risk premium out of the market."

corn falls on slowing demand for u.s. crop: commodities at close

the standard & poor’s gsci spot index of 24 raw materials slid less than 0.1 percent to settle at 636.92 at 3:53 p.m. in new york, paced by corn.

the ubs bloomberg cmci index of 26 prices dropped less than 0.1 percent to 1,580.62.

grains, oilseeds

corn fell the most in a week on slowing demand for supplies from the u.s., the world’s biggest exporter.

soybeans, corn and wheat drop as u.s. budget negotiations stall

soybeans, corn and wheat declined in chicago, reversing earlier gains, as u.s. budget negotiations stalled, raising uncertainty about the outlook for the economy.

talks over the so-called u.s. fiscal cliff are stalled as president barack obama and republicans offer competing ways to avoid more than $600 billion in automatic spending cuts and taxes that will take effect in january if congress doesn’t act.

commodities ‘super cycle’ not ending as goldman sees more gains

the “super cycle” of gains for commodity prices is not ending as improving global economic growth boosts demand for raw materials, goldman sachs group inc. said.

rising consumption may create limited availability of immediate supplies and boost near-term prices higher than long- term levels, a trading opportunity that may provide “significant” returns, new york-based jeffrey currie, goldman’s head of commodity research, said in an e-mailed report today. the bank reiterated its recommendation that investors should be “overweight” in commodities, and that prices will return 7 percent in 12 months.

china, s. korea to boost use of local currencies in trade

south korea said it agreed with china to allow banks in both countries to borrow funds from an existing swap arrangement to encourage trade settlement in local currencies.

a 64 trillion won ($59 billion) swap line will be made available for loans to allow companies in both countries to settle deals in the won and yuan, according to a statement today from the finance ministry and the bank of korea. the system is scheduled to start later this month, it said.

morgan stanley backs gold, corn, beans as best picks in 2013

gold, silver and corn will outperform other raw materials next year as a weaker dollar and rising investor demand bolster precious metals while supply curbs aid grains, morgan stanley said, listing top picks for 2013.

silver will track gold, which is poised to gain on low real interest rates, buying by central banks and geopolitical uncertainty, analysts including peter richardson and hussein allidina wrote in a report today, reiterating an october call. corn and soybeans should benefit from harvest delays in south america, they said. the bank is bearish on aluminum, sugar, nickel and uranium as supplies are set to outpace demand.

oil, metals mostly up as focus turns to china growth

oil and metals futures mostly rose on monday as stronger growth in china and positive u.s. factory data helped markets override concerns about the u.s. "fiscal cliff" that had dampened sentiment for weeks.

crop prices shot up too, with soybeans and corn  touching three-week highs on expectations of more buying from china. wheat recouped some of the previous session's loss on news of a sale of u.s.-grown wheat to egypt.

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