Soybeans rise to record for 3rd day, then retreat
http://www.washingtonpost.com/wp-dyn/content/artic [2008-7-4]
Tag : Soybean Oil
Other commodities traded mixed, with crude oil briefly rising to anew record near $146 and gold, silver and copper futures falling.
Soybean futures have shot up 9 percent in the last week, driven byconcerns of poorer-than-expected U.S. yields following devastatingMidwest floods that ravaged corn and soybean fields. But weatherforecasts over the next few days predict cooler temperatures formuch of the region, a scenario that would boost soybean crops asthey enter the key growing period.
"We're basically trading the weather right now," said Jason Ward,analyst with Northstar Commodity in Minneapolis. "The weather looksto be normal heading into the weekend so that's a little bearishfor soybeans."
Soybeans for November delivery jumped to a record $16.3675 a bushelin overnight trading on the Chicago Board of Trade before slippingback to $16.265 a bushel, down 3.5 cents. It was the third straighttrading record for soybeans. Prices settled at $16.30 on Wednesday.
U.S. farmers plan to harvest 96.8 percent of this year's 74.5million acre soybean crop, down from an estimate of 98.7 percentthat was calculated before severe floods struck the Midwest lastmonth, the U.S. Department of Agriculture said in its annualacreage survey released Monday. Nationwide, farmers said only 70percent of the intended soybean crop had been planted at the timeof the U.S.D.A. survey interview, the lowest level in 12 years.
Other agriculture futures traded mixed Thursday. Corn futures forDecember delivery lost 7.75 cents to $7.7275 a bushel on the CBOT,while wheat futures for September delivery added 9.75 cents to$8.90 a bushel.
In energy markets, oil prices shot up near $146 but later easedback after the dollar gained some ground against the euro.
Light, sweet crude for August delivery added 90 cents to $144.47 onthe New York Mercantile Exchange. Earlier, prices rose as high as$145.85 a barrel, a new trading record.
Other energy futures also rose. August gasoline futures added 0.62cent to $3.556 a gallon on the Nymex, while August heating oilfutures rose 2.07 cents to $4.0922 a gallon.
In precious metals, gold futures fell in erratic trading after thedollar strengthened against the euro, encouraging selling frominvestors who bought the metal as an inflation hedge.
Gold for August delivery fell $11.90 to $934.30 an ounce on Nymex,after earlier rising as high as $950.
September silver lost 5.2 cents to $18.285 an ounce on the Nymex,while September copper dropped 11.85 cents to $3.945 a pound.
Other commodities traded mixed, with crude oil briefly rising to anew record near $146 and gold, silver and copper futures falling.
Soybean futures have shot up 9 percent in the last week, driven byconcerns of poorer-than-expected U.S. yields following devastatingMidwest floods that ravaged corn and soybean fields. But weatherforecasts over the next few days predict cooler temperatures formuch of the region, a scenario that would boost soybean crops asthey enter the key growing period.
"We're basically trading the weather right now," said Jason Ward,analyst with Northstar Commodity in Minneapolis. "The weather looksto be normal heading into the weekend so that's a little bearishfor soybeans."
Soybeans for November delivery jumped to a record $16.3675 a bushelin overnight trading on the Chicago Board of Trade before slippingback to $16.265 a bushel, down 3.5 cents. It was the third straighttrading record for soybeans. Prices settled at $16.30 on Wednesday.
U.S. farmers plan to harvest 96.8 percent of this year's 74.5million acre soybean crop, down from an estimate of 98.7 percentthat was calculated before severe floods struck the Midwest lastmonth, the U.S. Department of Agriculture said in its annualacreage survey released Monday. Nationwide, farmers said only 70percent of the intended soybean crop had been planted at the timeof the U.S.D.A. survey interview, the lowest level in 12 years.
Other agriculture futures traded mixed Thursday. Corn futures forDecember delivery lost 7.75 cents to $7.7275 a bushel on the CBOT,while wheat futures for September delivery added 9.75 cents to$8.90 a bushel.
In energy markets, oil prices shot up near $146 but later easedback after the dollar gained some ground against the euro.
Light, sweet crude for August delivery added 90 cents to $144.47 onthe New York Mercantile Exchange. Earlier, prices rose as high as$145.85 a barrel, a new trading record.
Other energy futures also rose. August gasoline futures added 0.62cent to $3.556 a gallon on the Nymex, while August heating oilfutures rose 2.07 cents to $4.0922 a gallon.
In precious metals, gold futures fell in erratic trading after thedollar strengthened against the euro, encouraging selling frominvestors who bought the metal as an inflation hedge.
Gold for August delivery fell $11.90 to $934.30 an ounce on Nymex,after earlier rising as high as $950.
September silver lost 5.2 cents to $18.285 an ounce on the Nymex,while September copper dropped 11.85 cents to $3.945 a pound.
Related News »
In Focus »
footwear exports
Last month, European footwear manufacturers proposed extending anti-dumping measures against ..
B2B Keywords:
International market Chinese Importer Wholesale trade Wholesale products World trade Wholesale distributors International trade Foreign trade Wholesale distributor Importers Import export business Sell online Help u sell Global trade How to market a product Online supplier Wholesale product
International market Chinese Importer Wholesale trade Wholesale products World trade Wholesale distributors International trade Foreign trade Wholesale distributor Importers Import export business Sell online Help u sell Global trade How to market a product Online supplier Wholesale product
Feature Products»
Hot Products: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | 0-9
-
-
About Us -
Links -
Privacy Policy -
Terms of Use -
Site Map -
Contact Us -
Call Center: 0086-95105561 © 2007 Tootoo.com -
