Commodity Blog |
| USDA Report Propels Corn to Three-Week High Posted: 11 Oct 2012 03:07 PM PDT Corn prices jumped to the highest level in three weeks after the US Department of Agriculture released its grains estimate. Corn stockpiles projected to be at 117.27 million metric tons as of October, down from the previous estimate of 123.95 million tons. The reserves to consumption ratio will be at 32.7 percent, the lowest since 1974. Supply was damaged by the drought this summer. According to Donald Keeney, a senior meteorologist in MDA Information Systems Inc., the Midwest experienced hottest and driest June and July since 1936. The government data showed that about 50 percent of corn was in poor or very poor condition as of September 30. Corn futures rallied $0.3650 (4.95 percent) to $7.7325 per bushel as of 22:02 GMT on CBoT today. Earlier, the prices reached $7.76 per bushel, the highest since September 17, while the advance was the biggest since September 28. |
| Crude Oil Rises Despite Growing US Inventories Posted: 11 Oct 2012 12:15 PM PDT Crude oil futures climbed today even as US inventories expanded more than was predicted. US unemployment claims fell from 369,000 to 339,000 last week, while analysts have forecast them to be stable. That pushed markets to the upside. There was another positive story for oil. Turkey seized cargo from Syrian passenger plane, igniting fears of increasing tension between the countries. US stockpiles advanced by 1.7 million barrels to 366.4 million barrels last week. Specialists have promised an increase by 1.3 million. At the same time, total motor gasoline inventories decreased by 0.5 million barrels. Crude oil (Light Sweet) was up from $91.53 to $92.35 per barrel as of 19:10 GMT on NYMEX today. November futures for Brent oil delivery jumped as much as $1.42 (1.2 percent) to $115.73 per barrel on ICE. |
| You are subscribed to email updates from Commodity Blog To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment