Commodity Blog |
| Oil’s Gain Today Small Compared to Weekly Losses Posted: 26 Oct 2012 03:26 PM PDT Crude oil rose today as another hurricane threatens US Signs of economic growth in the United States added to bullish momentum of crude. US economic growth of 2 percent was above already optimistic expectations. University of Michigan reported that consumer confidence improved this month:
Yet today’s gain was small compared to the losses that oil made this week. Traders are still worried as Europe cannot resolve its problems. And it looks like the European politicians returned to their favorite occupation — kicking the can down the road. Crude oil (light sweet) was up from $85.60 to $86.11 per barrel on NYMEX today. Brent crude climbed $1.06 (0.98 percent) to $109.55 on ICE. |
| Wheat Erases Gains Even as Supply Expected to Shrink Posted: 26 Oct 2012 11:34 AM PDT Wheat future fell today. Earlier, the grain advanced as global supply is expected to fall. INTL FCStone Inc. predicted that world output may decline 7 percent to 647.2 million metric tons in the 12-month period that started June 1. The biggest drop is expected in Australia (28 percent), while Argentina’s production may sink 16 percent. Russian exportable wheat may end by December. The general market sentiment was positive for most commodities, except grains. US gross domestic product grew as much as 2 percent last quarter, encouraging traders to buy riskier supplies. As for agricultural commodities, it was not a very good trading session for them. Future for delivery of wheat edged down $0.0825 (0.95 percent) to $8.6450 per bushel on CBoT today. |
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