Wednesday, December 19, 2018
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soybeans advance on signs of improving demand; corn, wheat gain

soybean futures rose the most in three weeks after an industry report showed increased demand from makers of animal feed and cooking oil. corn and wheat also gained.

processors in october used 153.536 million bushels of soybeans, up 8.8 percent from a year earlier and the most of any month since january 2010, the national oilseed processors association said today. exports of animal feed doubled from a year earlier, the trade group said. the u.s. department of agriculture today reported sales of 120,000 metric tons of soybeans to china and 40,000 tons of soybean oil to unknown destinations.

gold gains on stimulus as copper drops: commodities at close

the standard & poor’s gsci gauge of 24 commodities rose 0.7 percent to 636.09 at 5:17 p.m. in london. the ubs bloomberg cmci index of 26 raw materials was little changed at 1,552.583.

precious metals

gold futures rose, heading for the biggest weekly gain since january, as speculation that the u.s. will expand monetary stimulus following president barack obama’s re-election bolstered demand for the metal as a store of value.

pound falls second day versus dollar before boe rate decision

the pound weakened for a second day against the dollar before the bank of england announces whether it will boost monetary stimulus for the first time since july.

sterling declined to a two-week low versus the u.s. currency as a bloomberg news survey showed 35 out of 45 economists forecast the central bank will maintain its asset- purchase target at 375 billion pounds ($600 billion). policy makers increased bond purchases, or so-called quantitative easing, by 50 billion pounds in july to boost the economy. u.k. government bonds advanced.

copper prices rise; wheat, gold increase: commodities at close

the standard & poor’s gsci gauge of 24 commodities fell 0.03 percent to 631.35 at 5:03 p.m. singapore time. the ubs bloomberg cmci index of 26 raw materials dropped 0.1 percent to 1,550.695.

crude oil

oil fluctuated in new york after rebounding from the lowest level in four months as reports signaled an economic recovery in china, the world’s second biggest crude consumer.

grain prices higher thursday morning

corn futures are trading higher this morning. the market is relatively quiet this morning with no fundamental price moving news to provide direction. prices were strengthened by firm gains in the wheat market yesterday and are likely experiencing that same support this morning. weekly export sales are expected to be subpar once again this week with could possibly pull futures lower.

asia currencies advance as obama’s re-election supports inflows

asian currencies rose this week as president barack obama’s re-election increased the likelihood the federal reserve will keep boosting the supply of dollars that can be invested in emerging markets. india’s rupee fell.

global funds pumped a net $240 million into taiwanese and philippine stocks this week, exchange data show, while buying $71 million more thai sovereign notes than they sold, according to thai bond market association figures. china’s yuan gained for a 14th week, the longest winning streak since march 2008, on speculation the government will roll out more stimulus measures amid the slowest inflation in almost three years.

australia sparks currency gain by holding key rate: economy

australia’s central bank kept its benchmark interest rate unchanged at a developed-world high as the global economy stabilizes and domestic inflation picks up, driving the local currency to a five-week high.

governor glenn stevens and his board left the overnight cash-rate target at 3.25 percent, the reserve bank of australia said in a statement today in sydney. the move surprised most economists, with 20 of 27 surveyed by bloomberg news having predicted a cut to 3 percent. traders were split 50-50 on whether stevens would stand pat or cut.

u.s. wheat rises above $9 but corn, soy weak

u.s. wheat futures rose for the fourth day in a row thursday, rallying above $9 a bushel to a near six-week high, as traders staked out positions ahead of a government report expected to show tightening global supplies. soybean futures fell, pressured by declining export demand, and pulled corn prices lower, traders said.

the market's focus remained on wheat as expectations of smaller crops in places like argentina and australia, coupled with dry conditions in key growing areas of the u.s. plains, provided support to a commodity that has been stuck in a narrow trading range for months.

commodities are still attractive for pension funds, gresham says

commodities are still attractive for pension funds on inflation concern, said douglas hepworth, director of research at new york-based gresham investment management llc. the company has about $15 billion in commodities under management, hepworth said in a telephone interview yesterday.

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