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Commodity Futures News Nov 16, 2009

Posted on Nov 16, 2009 in Economic News

Source: DailyFutures U.S. Economy - Dollar Continues To Fall The U.S. Commerce Department said that retail sales were up 1.4% in October, better than expected. Excluding autos, sales were only up .2%. In September, sales were revised lower, from -1.5% to -2.3%. The December 2010 eurodollars jumped up .115 to a new contract high at 98.76. The New York Federal Reserve's regional index of manufacturing fell from 34.57 to 23.51 in November, weaker than expected but still a sign of expansion. Federal Reserve Chairman Bernanke told the Economic Club of New York that he was watching the falling dollar, but "longer-run inflation expectations are stable" so the federal funds rate will continue to be exceptionally low for "an extended period." The December U.S. T-bonds closed up 1.13/32

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Commodity Futures News Nov 12, 2009

Posted on Nov 12, 2009 in Economic News

Source: DailyFutures U.S. Economy The U.S. Labor Department said that jobless claims were down 12,000 last week to 502,000, less than expected and the lowest since January. The U.S. Treasury sold $16 billion of 30-year T-bonds at a median yield of 4.39%. The bid to cover ratio was 2.26, the lowest since May. The December U.S. T-bonds were down 15/32nds at 118.29/32nds. The U.S. Treasury Department posted a federal budget deficit of $176.4 billion in October, up from $155.5 billion deficit a year ago. The Mortgage Bankers Association's index of mortgage applications dropped 12% last week to 220.9, the lowest in almost nine years. Also, Freddie Mac said that the fixed rate on a 30-year mortgage averaged 4.91% over the past week, the lowest in over a month. January lumber clos

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Commodity Futures News Nov 11, 2009

Posted on Nov 11, 2009 in Economic News

Source: DailyFutures U.S. Economy U.S. Treasury Secretary Geithner said that he wants a strong U.S. dollar, but of course, the Fed is not raising interest rates so the market isn't paying much attention. The December U.S. dollar index was up .15 at 75.26. Due to Veteran's Day, U.S. government offices are closed. The December U.S. T-bonds closed up 31/32nds at 119.12/32nds, the highest close in a week. China's central bank said in a monetary policy statement that they will begin again to allow a gradual increase in their currency, the yuan. A growing chorus of international critics have accused China of an unfair balance of economic activity, due to the artificially low yuan. Grains and Cotton Today's 6 to 10 day forecast from the National Weather Service is still expect

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Commodity Futures News Nov 10, 2009

Posted on Nov 10, 2009 in Economic News

Source: DailyFutures U.S. Economy A survey by the Blue Chip Economic Indicators expects real GDP to be down 2.4% in 2009, but up 2.7% in 2010, an improvement from their estimates of a month ago. The National Association of Home Realtors said that existing home sales were up 11.4% in the third quarter and up 5.9% from a year ago. January lumber finished up $2.00 at $209.20. The U.S. Treasury sold $25.0 billion of 10-year T-notes at a median yield of 3.42% and a bid-to-cover ratio of 2.81. Moody's Investor Services said that they believe that AIG will be able to pay off the $44 billion credit line that they received as part of the government bailout. So far, the U.S. government has poured $182 billion into AIG. Grains and Cotton The USDA's 2009-2010 U.S. ending stocks

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Commodity Futures News Nov 09, 2009

Posted on Nov 09, 2009 in Economic News

Source: DailyFutures
U.S. Economy

The U.S. Treasury is scheduled to sell a record high $81 billion of debt this week, starting with $40 billion of three-year T-notes today that went for a median yield of 1.37%. The bid to cover ratio was 3.33, the best demand since 1990. The December U.S. T-bonds were up 2/32nds at 118.16/32nds.

Policy makers from this weekend’s G-20 meeting in Scotland tried to assure investors that central banks are not yet ready to withdraw stimulus from the world’s economy. The December U.S. dollar index fell .805 to 75.135, near the contract low. December gold closed up $5.70 at a new contract high of $1,101.40.

Grains and Cotton

According to Bloomberg news, China’s corn crop will be down 13% this year to 144.4 million tons, due to drought. December corn jumped up 19 cents to $3.86.

January soybeans closed up 17 cents at $9.72 ahead of tomorrow’s monthly USDA estimates.

Tropical Storm Ida is expected to bring more rain to the already-wet southeastern U.S. December cotton closed up 1.07 cents at 67.61.

After the close, the USDA said that:

37% of the corn crop was harvested, down from the five-year average of 82%....

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Commodity Futures News Nov 04, 2009

Posted on Nov 04, 2009 in Economic News

Source: DailyFutures U.S. Economy The Federal Reserve will concluded its two-day meeting and kept the federal funds rate unchanged at .125%, as expected. They acknowledge that "economy has continued to pick up," but continue "to anticipate that economic conditions... are likely to warrant exceptionally low levels of the federal funds rate for an extended period." The December 2010 eurodollars were up .03 at 98.44. The Institute of Supply Management's index of services slipped from 50.9 to 50.6 in October, weaker than expected, but still a sign of expansion. The Mortgage Bankers Association said that its index of mortgage applications was up 8% last week, helped by a 30-year fixed mortgage rate of 4.97%. ADP Employer Services said that 203,000 private sector jobs were lost i

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Gold Surges to All-Time High; $1,096 – Updated!

Posted on Nov 03, 2009 in Economic News

Prices settle near $1,096 an ounce / spot price on Wednesday after setting a record the day before at $1,086.

 UPDATE:

December gold jumped $10.10 to $1,095 an ounce, after hitting an all-time trading high of $1,096.20 an ounce earlier in the session. On Tuesday, gold closed at a record $1,084.90 an ounce.

By Ben Rooney, CNNMoney.com staff writer

Last Updated: November 3, 2009: 3:04 PM ET

NEW YORK (CNNMoney.com) — Gold prices surged to a record high Tuesday after the International Monetary Fund said it had sold 200 metric tons of the precious metal to India’s central bank.

November gold rose $30.90 to settle at $1,084.90 an ounce, after climbing to a high of $1,085.20. The previous intraday record was set Oct. 13, when gold rose to $1,069.70 an ounce.

….

Gold prices were also supported by news that Barrick Gold Corp. (ABX) bought back 1 million ounces of gold in its hedge book during October.

The mining company said Monday it expects to unwind its remaining gold hedges, totaling 1.9 million ounces, by September 2010.

The rally came despite a slightly stronger U.S....

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Commodity Futures Nov 03, 2009

Posted on Nov 03, 2009 in Economic News

Source: DailyFutures Metals - Gold Blasts Off To New Highs The International Monetary Fund sold 200 tons of gold to the Reserve Bank of India for $6.7 billion. The IMF has long been seen as a potential seller of gold and so this transaction takes some pressure off of the gold market. December gold shot up $30.90 to a new contract high of $1,084.90. December silver closed up 74 cents at $17.18. London copper inventories were up 1,625 tons this morning to 373,800 tons, the most since May 12th. December copper ended up 1.10 cents at $2.9560 after several manufacturing indices posted positive gains yesterday. GM, Ford, and Nissan said that their U.S. auto sales were up in October from a year ago, but Chrysler said that their sales were lower. U.S. Economy The Federal Reserve begins its

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Commodity Futures News Oct 28, 2009

Posted on Oct 28, 2009 in Economic News

Commodity Futures News Oct 27, 2009 Source: Daily Futures U.S. Economy - Shifting Theme? The U.S. Commerce Department said that durable goods orders were up 1.0% in September, but down 24.1% from a year ago. The December 2010 eurodollars ended up .065 at 98.405 ahead of tomorrow morning's third-quarter GDP report. The U.S. Census Bureau said that new home sales were at an annual rate of 402,000 in September, down 3.6% on the month and weaker than expected. So far in 2009, new home sales are down 27% from a year ago. January lumber fell $2.00 to $192.50. The U.S. Treasury sold $41 billion of 5-year T-notes at a median yield of 2.30% with a bid to cover ratio of 2.63, the best sign of demand in two years. The stock market and most commodities traded lower today with concerns that t

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Commodity Futures News Oct 27, 2009

Posted on Oct 27, 2009 in Economic News

Commodity Futures News Oct 27, 2009 Source: Daily Futures U.S. Economy The U.S. Treasury sold $44 billion of two-year T-notes at a median yield of .98%. The bid to cover ratio was 3.63, the most demand in over two years. The Conference Board's index of consumer confidence fell from 53.4 to 47.4 in October, weaker than expected. The Richmond Federal Reserve's regional index of manufacturing fell from +14 to +7 in October, weaker than expected, but still a sign of expansion. The Standard and Poor's/Case-Shiller index of home prices in 20 cities was up 1.2% in August, but down 11.3% from a year ago. It was the fourth consecutive monthly increase. Grains and Cotton The southeastern U.S. is getting hit with more rain today. Late yesterday, the USDA said that the corn, soybean, and c

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Commodity Futures News Oct. 26, 2009

Posted on Oct 26, 2009 in Economic News

Commodity 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%....

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The Fed’s Greatest Round of Asset Inflation

Posted on Oct 23, 2009 in Featured Articles, Federal Reserve & Bankers

The Fed’s Latest, Greatest Round of Asset Inflation

Source: MoneyandMarkets.com

by Mike Larson   10-23-09

300_200bernankemic

There goes oil, surging past $80-a-barrel. That’s up 150 percent from the December low, in case you’re keeping score.

Gasoline? Wholesale prices are up more than 40 cents a gallon in just under a month …

Heating oil? Grab an extra blanket! It just jumped to the highest price in almost a year …

Corn? It’s up almost a buck a bushel since mid-September …

Wheat? Rising. Soybeans? Yep. Sugar? Near a 26-year high. And I hope you’re not planning on eating too much chocolate this Halloween. Replacing it will cost a lot more considering cocoa futures just soared to the highest level in almost three decades.

If you’re a resource-sector investor, this is all great news!  

But for everyone else, it just means higher prices at the pump … a dramatic escalation in heating bills … pricier bread … more expensive cereal … and so on.

And you know what? Federal Reserve policymakers probably couldn’t be happier! They want prices to surge. In fact, they are deliberately pursuing reckless monetary policies and a strategy of dollar debasement in order to ENSURE we get yet another round of asset inflation!...

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