Commodity Blog |
| Posted: 02 Oct 2012 04:23 PM PDT Crude dropped today, following gasoline in decline. Gasoline had a significant rally last week and now is in a correction mode, dragging crude oil along. On top of that, analysts predict that tomorrow’s government report may show that US inventories of crude rose by 1.5 million barrels. Earlier, gasoline supply was restricted as refineries were closing amid the threat of Hurricane Isaac. Now, refineries are starting to resume production, resuming output and putting downward pressure on gasoline. The commodity may yet rebound in case report shows that stockpiles did not grow. Such event should be beneficial for crude oil. Crude oil fell from $92.31 to $91.57 per barrel as of 23:17 GMT on NYMEX today. November futures for delivery of gasoline fell as much as $0.0509 (1.7 percent) to $2.8692 per gallon. |
| Soybeans & Corn Drop as Harvest Proceeds with Record Speed Posted: 02 Oct 2012 12:15 PM PDT Soybeans slumped today and corn weakened as the US harvest proceeds with unparalleled speed. In fact, such speed of crop harvesting has not been seen since the US Department of Agriculture started to gather data in 1981. The USDA estimated that US farmers managed to gather as much as 41 percent of the soybean crop by the end of last month, while just 15 percent of the crop was gathered at the same period a year ago. As for corn, 54 percent of the grain was already harvested, compared to 18 percent in the previous year. The amount of gathered crops may reduce the effect that the speed of gathering has on grain prices. This year’s drought had its negative impact on the crops. Therefore, the harvest of corn may be the smallest in six years, while soybean’s yield may reach a Soybeans dropped as much as $0.22 (1.41 percent) to $15.3825 per bushel as of 19:05 GMT today on CBoT. Corn fell $0.01 (0.13 percent) to $7.5575 per bushel. |
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