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| Signs of Robust Demand Make Soybean Prices Higher Posted: 04 Oct 2012 06:06 PM PDT Soybean futures gained on hope that demand for the grain may rise. The US Department of Agriculture reported last week that China purchased 110,000 metric tons from the United States exporters and then another 180,000 tons. World exports will increase 4.1 percent to the record of 93.7 metric tons in 2012–13 according to the USDA estimates. The data signals that demand for soybeans remain high. Analysts say that prices may yet fall in case harvest in Australia and South America is good. Yet for now this year’s drought in USA and Europe has more important influence on soybean prices, making them rally. Hopes that Europe will find a way out of the crisis also have positive impact on commodity prices. Soybean rose $0.0425 (0.27 percent) to $15.5575 on CBoT. |
| Central Banks Stimulate Growth, Benefiting Precious Metals Posted: 04 Oct 2012 02:51 PM PDT Gold jumped today to the highest level this year on hopes that efforts of central banks will spur inflation, increasing demand for precious metals. Silver, platinum and palladium followed gold to the upside. European Central Bank President Mario Draghi kept the key interest rate unchanged at 0.75 percent and reiterated that the bank is ready to start its bond buying program. The bank should buy sovereign bonds on secondary markets, avoiding direct injection of capital in indebted nations and thus it will avoid breaking of the treaty, which forbids the central bank to give money to EU members. The Federal Reserve released the minutes of its last policy meeting, confirming that the majority of the board members agree on keeping the policy accommodative for a prolonged time. The stimulating measures from the central banks are positive for precious metals. They should spur growth and inflation, increasing the appeal of the metals as a store of value. Gold jumped from $1,780.38 to $1,789.46 per troy ounce as of 21:41 GMT on COMEX today, while its daily maximum of $1,795.02 was the highest since November 11, 2011. Silver was up from $34.67 to $34.90 per ounce. Platinum gained from $1,690.50 to $1,716.36 per ounce today, touching $1,719.75 — the high not seen since February 29. Palladium advanced from $653.75 to $669.58 per troy ounce. |
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