Commodity Futures News Oct. 26, 2009
Oct 26th, 2009 | By Kevin Hayden | Category: Economic NewsCommodity Futures News October 26th, 2009
Source: DailyFutures.com
U.S. Economy
The Chicago Federal Reserve’s index of national activity slipped from an upwardly revised -.65 to -.81 in September. Their index of manufacturing in the Midwest increased from 81.6 to 82.3 in September. The December 2010 eurodollars closed down .055 at 98.195.
Grains and Cotton
Is there better harvest weather ahead? Yesterday’s 6 to 10 day forecast from the National Weather Service is expecting below average temperatures for the northern half of the Midwest with normal to slightly above average precipitation. December corn closed down 19.75 cents at $3.78, the lowest close in a week.
The USDA said that last week’s export inspections of:
Corn totaled 24.0 million bushels, down 5% from a year ago.
Soybeans totaled 43.8 million bushels, down 7% from a year ago.
Wheat totaled 14.3 million bushels, down 35% from a year ago.
December wheat fell 20.75 cents to $5.27, pressured by profit-taking and plentiful world supplies.
After the close, the USDA said that:
20% of the corn crop was harvested, down from the five-year average of 58%.
44% of the soybean crop was harvested, down from the five-year average of 80%.
19% of the cotton crop was harvested, down from the five-year average of 43%.
76% of the winter wheat crop was planted and 62% of it was rated good to excellent.
Livestock
December hogs finished up .37 at 60.82, in spite of today’s stronger dollar and ongoing concerns about “swine” flu.
Lumber
Statistics Canada said that lumber production by sawmills was down 17.8% in August from a year ago. January lumber ended up $1.00 at $195.00.
Orange juice
After the close, the USDA’s Florida Weather Crop Report said that “the quantity and quality of (citrus) fruit continues to be reported good in most areas.” January orange juice closed up .0075 at $1.1540.
Metals
China’s government said that refined copper imports totaled 282,828 tons in September, up 29% on the month. December copper closed down 2.35 cents at $3.0110.
Energies
December natural gas finished down 27.2 cents at $5.212, pressured by expectations of mild U.S. temperatures in the latest 6 to 10 day forecast.
December crude oil closed down $1.82 at $78.68 in response to today’s higher dollar.
Currencies
Has selling in the dollar been over-done? Investor George Soros was quoted over the weekend as saying: “As long as the renminbi (China’s currency) is tied to the dollar, I don’t see how the decline in the dollar can go too far.” The December U.S. dollar index gained .595 to end at 76.195.
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