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Futuresfacts.com | Market Headlines from the Web

Soybeans, Wheat May Open Higher on Dry Weather; Corn Seen Weaker

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Written by Jeff Wilson Thursday, 17 May 2012 10:35

Soybean futures may open 6 cents to 8 cents a bushel higher on the Chicago Board of Trade on speculation that drier weather may threaten production in the U.S. and China, spurring increased overseas demand for U.S. supplies, Jim Gerlach, the president of A/C Trading Inc.
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Crude oil prices continue to fall as supplies grow

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Written by USA TODAY Thursday, 17 May 2012 10:23

Benchmark U.S. crude fell by $1.17 to finish at a seven-month low of $92.81 per barrel on the New York Mercantile Exchange. Oil is down nearly 13% since the beginning of May.
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PRECIOUS-Gold pares losses after bear market test, Greece focus

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Written by Jonathan Leff Thursday, 17 May 2012 10:12

* Gold lifts from 2012 lows as euro edges back into the black
* COMEX futures touch lowest since July at $1,526.70
* Prices under pressure as Greek woes hurt risk appetite
* Silver sets longest string of losses since 2008 (Updates prices)
By Jonathan Leff
NEW YORK, May 16 (Reuters) - Gold sank to a 2012 low on Wednesday before paring losses in choppy trade, as traders were torn between hope that France and Germany would work together to keep the Euro zone intact and new signs of stress in the Greek banking sector.
Bullion briefly crossed into bear market territory, down 20 percent from its record last September, as intensifying fears a Greek exit from the euro zone would worsen the debt crisis gripped financial markets earlier in the day.
Prices later recouped most of their losses following a meeting between new French President Francois Hollande and German Chancellor Angela Merkel at which they pledged to forge a joint approach for an EU summit next month. That
eased concerns of a spat that could worsen the euro zone crisis.
During the U.S. session, gold prices traded on either side of parity amid a handful of mixed signals: data showing home building and factory activity gained momentum last month; news that the European Central Bank stopped funding operations for some Greek banks because they had not been recapitalized; and Federal Reserve minutes showing that several policymakers last month were open to doing more to aid the recovery.
By day's end, U.S. stocks were marginally lower, the dollar was marginally higher and gold little changed as traders braced for the next twist in European financial drama.
"Negative market sentiment seems well entrenched and we may see further downside in the price," BNP Paribas analyst Anne-Laure Tremblay said. "In particular, we could see further cross-asset liquidation if the probability of a Greek default increases in the next weeks."
Spot gold slipped $4 or 0.3 percent to $1,539.86 an ounce by 3.35 p.m. EST (2035 GMT), as Euro woes resurfaced. It hit a session low of $1,527 -- the lowest since December. Gold's stretch of losses are the longest since December.
U.S. gold futures for June delivery slid more sharply, falling 1.2 percent or $18.5 an ounce at $1,538.86 and hitting the lowest price for a most-active contract since July.
Silver prices continued to slide more quickly than gold, dropping 2 percent, or 55 cents to $27.14 an ounce for an eighth straight decline. That is its longest losing streak since a 10-day decline that began in late August 2008, just before the global financial crisis hit Wall Street.
Throughout the day traders were riveted to Greece, where citizens were pulling euros out of banks for fear their country may leave the euro zone. Anxiety grew after news the ECB had stopped lending to some Greek banks, despite Merkel's efforts to quell fears by committing to keep Greece in the union.
News overnight that big hedge fund investors, including John Paulson, had not shed more gold holdings in the first quarter failed to dispel the sense that gold was susceptible to further losses, tethered to other industrial commodities and financial markets that are once again in thrall to Europe.
"It's difficult to see a turnaround just yet. There will be one, but I don't think this is the time, just when we are in the eye of the storm," Societe Generale analyst Robin Bhar said.
"Clearly, with people staring into the abyss, it could (fall) $50 or even $100 lower as it washes out. That is the unpredictability of it all and as equities fall, as the Greeks take money out of the banks and the banking sector collapses, I suppose you'd have to be wary of further price falls just to cover for losses in other markets," he said.
BIG BULLS HOLD
In a small positive for gold, billionaire fund manager John Paulson held on to his stake in the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, in the first quarter of 2012, a regulatory filing showed on Tuesday.
The prospect of improvement in physical demand for gold from the Indian jeweler sector took a knock on Wednesday with the drop in the rupee to a record low against the dollar, driven by the widespread risk aversion.
Buying in India, the world's largest bullion consumer, has emerged with the decline in the dollar-denominated gold price to 4-1/2 month lows this week, but local dealers have said the weakness in the rupee could curb this.
"Definitely physical buying has gone up, although demand is not overwhelming," said a dealer in Singapore.
"India did buy gold last night. They are not really in the market yet today, but I am sure they will be buying."
The wedding season is underway in India and will taper off by the end of the month. Gold jeweler is an essential part of the dowry Indian parents give to their daughters at weddings.
Silver fell 2.1 percent to $27.10 an ounce, taking eight-day losses to more than 13 percent, while gold has fallen about 8 percent over the same period.
This has left the gold/silver ratio - the number of ounces of silver needed to buy one ounce of gold - at 56.7, nearly the highest since 2010. The higher the ratio, the greater the outperformance of gold relative to silver.
Platinum ended almost unchanged at $1,427 an ounce, on the verge of wiping out all of its gains for the year to date. Palladium slid 0.7 percent to $589.22, having fallen to its lowest since late November. (Additional reporting by Jan Harvey and Jonathan Leff in New York; editing by Bob Burgdorfer)
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Cameroon Cocoa Farmgate Price Declined 0.8% in Week

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Written by Pius Lukong Thursday, 17 May 2012 09:52

Cameroon’s average national farmgate cocoa price fell 0.8 percent to 1,092 CFA francs ($2.11) a kilogram (2.2 pounds) in the week
to yesterday, according to Bloomberg calculations using data from the Cameroon National Association of Cocoa and Coffee Producers.
The following is a table of regional farmgate rates, with prices a kilogram in CFA francs.
Southwest
-Kumba        1,100
-Mamfe        1,080
South         1,080
Center        1,100
Littoral      1,100
Average       1,092
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FORTUCAST Financial Timer - Gold

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Written by Barry Rosen at Fortucast Wednesday, 16 May 2012 12:09

CHICAGO JUNE MINI GOLD (electronic)

(5/15): Gold futures continued to slide for a third straight day, to settle at a near five-month low Tuesday, RTT News reported. The dollar continued to strengthen while the euro slipped further on political developments in Greece. The troubled nation is now surely headed for new elections in June, after failing to reach an agreement on a new coalition government.

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FORTUCAST Financial Timer - Australian Dollar

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Written by Barry Rosen at Fortucast Wednesday, 16 May 2012 12:07

JUNE AUSTRALIAN DOLLAR FUTURE AND CASH

(5/15): Australia’s dollar traded close to its weakest level this year as Greece’s failure to form a new government spurred speculation it may leave the euro area, sapping demand for riskier assets, Bloomberg News reported. The so-called Aussie was near a four-month low against the yen as Asian stocks fell for a sixth-straight day, extending a global equities rout.

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FORTUCAST Financial Timer - Canadian Dollar

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Written by Barry Rosen at Fortucast Wednesday, 16 May 2012 12:05

CASH and JUNE CANADIAN DOLLAR

(5/15): Canada’s dollar fell against its U.S. counterpart after Greece political leaders indicated that talks had failed and elections will be held, boosting demand for refuge from Europe’s debt crisis, Bloomberg News reported. The currency, nicknamed the loonie for the image of the bird on the C$1 coin, strengthened against most of its 16 most- traded currencies as Canadian existing home sales rose 0.8 percent in April from the previous month, the Canadian Real Estate Association said in a statement. Canadian stocks and crude oil, the nation’s biggest export, declined.

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PRECIOUS-Gold recovers from 4-1/2-month low as euro firms

LONDON, May 16 (Reuters) - Gold recovered from its lowest since late December on Wednesday, edging back into positive territory as U.S. stocks opened higher and after speculation Germany and France will act to keep Greece in the euro zone lifted the euro into the black.

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Commodities Set for Worst Run Since ‘98 on Europe, China Concern

Commodities declined for a tenth day, set for the longest losing streak since 1998, on concern that Europe’s debt crisis will worsen as Greece remains without a government while economic growth in China may slow further. The Standard & Poor’s GSCI Spot Index of raw materials fell as much as 0.5 percent to 632.7, and traded at 634.35 by 7:12 a.m. in London. Oil futures traded near a five-month low in New York and copper dropped to the lowest price since January on the London Metal Exchange....

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