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Commodity Futures News Dec 10, 2009

Posted on Dec 10, 2009 in Economic News

Source: DailyFutures U.S. Economy The U.S. Labor Department said that jobless claims were up 17,000 last week to 474,000. The March 2011 eurodollars were down .025 at 98.465. The U.S. Census Bureau said that exports were up 2.5% in October to $136.8 billion while imports were up .5% at $169.8 billion. The result was net imports of $32.9 billion, down from $35.7 billion in September. The U.S. Treasury sold $13.0 billion of 30-year T-bonds at a median yield of 4.42% with a bid-to-cover ratio of 2.45, a higher bond price than expected. The March U.S. T-bonds fell 28/32nds to 118.13/32nds. The U.S. Treasury posted a federal budget deficit of $120.3 billion for November, less than expected. Grains and Cotton The USDA's 2009-2010 U.S. ending stocks estimates of: Corn we

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Commodity Futures News Dec 09, 2009

Posted on Dec 09, 2009 in Economic News

Source: DailyFutures U.S. Economy The Mortgage Bankers Association said that its index of mortgage applications was up 8.5% last week to 665.6, the highest level in two months. The U.S. Census Bureau said that wholesale sales were up 1.2% in October while inventories were up .3%. The March 2011 eurodollars ended up .02 at 98.49. The U.S. Treasury sold $21 billion of 10-year T-notes at a median yield of 3.36% with a bid-to-cover ratio of 2.62. The March U.S. T-bonds closed down 12/32nds at 119.09/32nds. Grains and Cotton March corn ended down 1.5 cents at $3.835 ahead of tomorrow morning's supply and demand estimates from the USDA. Not all corn was harvested this year due to a wet fall in several states. The USDA said that China bought 110,000 tons of U.S. soybeans. J

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Blythe Masters, Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives Thumbnail

Blythe Masters, Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives

Posted on Dec 09, 2009 in Economic News

Source:  Washington’s Blog

The short version –

Bloomberg notes that the carbon trading scheme will be largely centered around derivatives:

The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to outside investors.

[Blythe] Masters says banks must be allowed to lead the way if a mandatory carbon-trading system is going to help save the planet at the lowest possible cost. And derivatives related to carbon must be part of the mix, she says. Derivatives are securities whose value is derived from the value of an underlying commodity — in this case, CO2 and other greenhouse gases…

Who is Blythe Masters?

She is the JP Morgan employee who invented credit default swaps, and is now heading JPM’s carbon trading efforts. As Bloomberg notes (this and all remaining quotes are from the above-linked Bloomberg article):

Masters, 40, oversees the New York bank’s environmental businesses as the firm’s global head of commodities…

As a young London banker in the early 1990s, Masters was part of JPMorgan’s team developing ideas for transferring risk to third parties....

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Commodity Futures News Dec 07, 2009

Posted on Dec 07, 2009 in Economic News

Source: DailyFutures U.S. Economy The March U.S. dollar index was down .16 at 75.81 in the aftermath of Friday's surprisingly positive unemployment report. The March 2011 eurodollars closed up .10 at 98.375, taking back part of Friday's big decline. Grains and Cotton The USDA said that last week's export inspections for: Corn totaled 25.92 million bushels, up 4% from a year ago. Soybeans totaled 58.3 million bushels, up 40% from a year ago. Wheat totaled 13.0 million bushels, down 2% from a year ago. January soybeans were up a dime at $10.53. Livestock February cattle were up just .10 at 83.30 with a major winter storm on its way through the Central Plains states. Coffee This weekend's commodity article in Barron's was titled, "Rally in Coffee Is Bre

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Commodity Futures News Dec 04, 2009

Posted on Dec 04, 2009 in Economic News

Source: DailyFutures U.S. Economy - Jobless Rate Improved The U.S. Labor Department said that the unemployment rate improved from 10.2% to 10.0%, much better than expected. Non-farm payrolls were down 11,000, a much smaller decline than expected. The March 2011 eurodollars fell .195 to 98.275 as today's report weakened the argument to keep the federal funds rate near zero. In addition to November's good news, job losses for October were revised from -190,000 to -111,000. For September, job losses were revised from -219,000 to -139,000. The March U.S. dollar index jumped up 1.295 to 76.29, the highest close in a month. The U.S. Commerce Department said that factory orders were up .6% in October, better than expected. Overall, commodity markets were steady to lower after toda

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Commodity Futures News Dec 03, 2009

Posted on Dec 03, 2009 in Economic News

Source: DailyFutures U.S. Economy The U.S. Labor Department said that jobless claims were down 5,000 last week at 457,000, less than expected and the lowest in nearly 15 months. The March 2011 eurodollars ended down .02 at 98.47. The Institute of Supply Management's index of services fell from 50.6 to 48.7 in November, weaker than expected and a sign of contraction. The Labor Department also said that non-farm productivity was up 4.0% in the third quarter from a year ago while unit labor costs were down 1.4%. Freddie Mac said that the rate on 30-year fixed mortgages fell from 4.78% to 4.71% last week, a new record low. According to CNBC, Bank of America will soon repay the $45 billion of TARP funds that it received from the U.S. government last year. The U.S. Treasury

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Commodity Futures News Dec 02, 2009

Posted on Dec 02, 2009 in Economic News

Source: DailyFutures U.S. Economy ADP Employer Services said that there was a loss of 169,000 private jobs in November, down from a decline of 195,000 jobs in October. The U.S. Labor Department will release its unemployment report on Friday morning. The Federal Reserve's Beige Book said that "economic conditions have generally improved modestly since the last report" and noted that even "home sales and construction activity improved across much of the nation." The March 2011 eurodollars finished down .06 at 98.49. Grains and Cotton January soybeans closed down 25.5 cents at $10.34, blamed on profit-taking ahead of tomorrow's weekly export sales report. March wheat ended down 8 cents at $5.76 with no strength from corn or soybeans to hold prices up. Sugar March su

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Commodity Futures News Dec 01, 2009

Posted on Dec 01, 2009 in Economic News

Source: DailyFutures  U.S. Economy The National Association of Realtors said that its index of pending home sales was up 3.7% in October to the highest level since March of 2006. From a year ago, the index is up 32%. January lumber hit new contract highs early, but ended down $4.20 at $242.00. The Institute of Supply Management's index of manufacturing fell from 55.7 to 53.6 in November, weaker than expected, but still a sign of expansion. The U.S. Census Bureau said that construction output was at an annual rate of $910.8 billion in October, up slightly from September's pace and down 1.6% from a year ago. The Johnson Redbook index of U.S. retail sales showed a gain of 5.2% in the first four weeks of November from a month ago. From a year ago, sales were up 2.6%. The Ma

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Gold Breaks $1,200 Thumbnail

Gold Breaks $1,200

Posted on Dec 01, 2009 in Economic News

article_gold_newspaper_1200Gold continues to make new record highs, having just broken through the $1,200.00 per ounce barrier. This news comes on the heels of last week’s announcement that the U.S. Mint has suspended sales of 2009 Gold American Eagle and Silver American Eagle coins due to unprecedented public demand.
Many analysts have already predicted the surge past $1,200.00 and still others are predicting that gold could go as high as $1,500.00 per ounce very soon.  A number of factors, including news about the Dubai World debt restructuring and a weakened U.S. Dollar, are driving this surge in the gold spot price.

“November 2009 was a golden month. Gold prices have risen more than 34% in 2009 so far – Since the start of November, prices have risen steadily.” – Money.CNN.com

...

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Commodity Futures News Nov 27, 2009

Posted on Nov 27, 2009 in Economic News

Source: DailyFutures Surprise From Dubai Yesterday, the government of Dubai surprised the markets when they asked creditors to suspend the debt re-payments of Dubai World, their large, state-run conglomerate, until May 30, 2010. The December U.S. dollar index ended up .155 at 75.04. It is not clear just how much debt is at risk. According to Reuters news, The Bank of America said that the the debt for Dubai World is estimated at $59 billion and Dubai's total debt is $88 billion. Today's article from the BBC explained that, while the United Arab Emirates (of which Dubai is a member) has oil revenues, Dubai does not, and the UAE has shown signs of limiting its aid to Dubai. U.S. Economy The news from Dubai dominated the markets early today. Will this create a new trend in th

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Commodity Futures News Nov 25, 2009

Posted on Nov 25, 2009 in Economic News

Source: DailyFutures U.S. Economy - Jobless Claims Surprisingly Low, Dollar Drops Again The U.S. Labor Department said that jobless claims were down 35,000 last week to 466,000, less than expected and the lowest in 14 months. The December 2010 eurodollars were down .035 at 98.83. The U.S. Commerce Department said that personal incomes were up .2% in October and consumer spending was up .7%, both more than expected. Also, durable goods orders were down .6% in October, but were revised higher in September, from +1.4% to +2.0%. The U.S. Census Bureau said that new home sales were at an annual rate of 430,000 in October, up 6.2% from September and much stronger than expected. From a year ago, new home sales were up 5.1%. January lumber ended up .20 at $235.00. The University of

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Commodity Futures News – Nov 24, 2009

Posted on Nov 24, 2009 in Economic News

Source: DailyFutures U.S. Economy The U.S. Commerce Department said that real GDP was up .7% in the third quarter, as expected, but down from last month's estimate of .9% growth. From a year ago, GDP was down 2.5%. The December 2010 eurodollars were up .05 at a new high of 98.865. The U.S. Treasury Department sold $42 billion of 5-year T-notes at a median yield of 2.10% with a bid-to-cover ratio of 2.81, the highest in over two years. The March U.S. T-bonds closed up 21/32nds at 120.30/32nds, the highest close in six weeks. The Standard and Poor's/Case-Shiller index of home prices in twenty cities was up .3% in September. The Conference Board said that its index of consumer confidence increased from 48.7 to 49.5 in November, better than expected. The Richmond Federal Res

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Commodity Futures News Nov 23, 2009

Posted on Nov 23, 2009 in Economic News

Source: DailyFutures U.S. Economy The December U.S. dollar index fell .56 to 75.17 as investors increasingly accept that the Federal Reserve is not close to raising the federal funds rate. The National Association of Realtors (NAR) said that seasonally adjusted existing home sales were up 10.1% in October to an annual rate of 6.10 million units, much stronger than expected. From a year ago, home sales were up 23.5%. January lumber closed up $4.10 at $226.30. The NAR also said that there were 3.57 million unsold homes, representing a 7-month supply at current sales rates. That is the lowest unsold inventory in over two years. The U.S. Treasury Department sold $44.0 billion of two-year T-notes at a median yield of .77% with a bid-to-cover ratio of 3.16. The December U.S. T-bo

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Commodity Futures News Nov 20, 2009

Posted on Nov 20, 2009 in Economic News

Source: DailyFutures U.S. Economy Philadelphia Federal Reserve President Plosser said that it is still too early to raise interest rates, but said that he is cautiously optimistic and that things may change around the middle of 2010. The December 2010 eurodollars ended down .01 at 98.82.   Grains and Cotton The USDA said that Mexico bought 458,750 tons of U.S. corn for this season and another 275,250 tons for 2010-2011. December corn finished down 4 cents at $3.91. You have to admit, this is impressive: March cotton closed up 1.07 cents at 74.04, the highest close in fourteen months with help from a wet fall and weak U.S. dollar. Livestock The USDA said that beef production totaled 2.28 billion pounds in October, down 3% from a year ago. Pork production totaled

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Commodity Futures News Nov 17, 2009

Posted on Nov 17, 2009 in Economic News

Source: DailyFutures   U.S. Economy The U.S. Labor Department said that the producer price index was up .3% in October, but down 1.9% from a year ago, a smaller monthly increase than expected. The December 2010 eurodollars ended up .015 at 98.775. The Federal Reserve said that industrial production was up .1% in October, weaker than expected. Foreign demand for U.S. securities is strong in spite of (or due to?) the weak dollar. The U.S. Treasury said that foreign purchases of long-term securities totaled $55.7 billion in September while U.S. purchases of foreign securities totaled $15.0 billion. The December U.S. T-bonds were up 7/32nds at 121.02/32nds. Grains and Cotton The corn harvest will wait while the rain continues to fall - today in Missouri, Illinois, India

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