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| Corn Rebounds, Further Decline Remains Possible Posted: 30 Oct 2012 04:25 PM PDT Corn advanced today as declining prices spurred traders to buy the agricultural commodity. The US Department of Agriculture reported that the amount of corn inspected for export was up 49 percent last week from the week before, reaching 15.5 million bushels. The data confirms demand for US corn from overseas buyers. Prices may yet resume decline, though, as supply from South America is going to increase. Corn growing areas of Brazil will receive rains this week, according to forecasters. Previously, the region has suffered from drought. Corn futures were up $0.0075 (0.1 percent) to $7.4250 per bushel as of 23:14 GMT on CBoT today. Prices have slid 3.1 percent last week and were down 13 percent since the record of $8.49 per bushel reached in August. |
| Posted: 30 Oct 2012 01:32 PM PDT Crude oil rose today on speculations that refineries will open soon as Hurricane Sandy recedes. The cyclone passed the United States and it is time to assess damage and reopen businesses. Analysts expect that energy prices will go up as soon as consumption resumes. Trading remained slack as US markets, including NYMEX, were closed for the second day (though electronic trading was still operational). Additionally, the US Energy Information Administration may postpone its weekly report about oil inventories. Crude started today’s trading session well, but the rally quickly stalled and currently moves to the downside. The commodity may yet erase its gains. Crude oil (light sweet) rose from $85.26 to $85.58 per barrel as of 20:25 GMT today after touching the daily high of $86.23. Brent crude fell $0.56 (0.51 percent) to $108.88 per barrel on ICE. |
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