CNC Commodity Night Cap - July 2, 2009
Commodity Night Cap for July 2, 2009
Grains
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Wheat - was down for the fourth day in a row on favorable weather, carry over supply concerns, and better than expected yields from harvesting. September futures were down another 9.35 cents to $5.6425 a bushel.
Corn - was down again on higher than expected acreage planting numbers and crudes decline. Corn traders are increasingly concerned that corn based ethanol will become less of a reality. December futures fell just over 3% today to $3.575, a move of 11.75 cents.
Soybeans - fell for the fifth time in six sessions as November contracts fell 9.5 cents to $10.06 per bushel. Demand for soybeans from oilseed and meal processors has been falling more dramatically than expected
Softs
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Sugar - was off for the third day in a row as energy prices collapsed and US equities fell ahead of the holiday weekend. Like corn traders are becoming increasingly concerned that Ethanol as an oil alternative will not be feasible if energy prices get too low. October delivery fell .17 cent to 17.58 cents per pound.
Cocoa - like sugar, fell for the third straight session as a rising dollar hurt prices. September futures fell $10 to $2,494 a metric ton.
Orange Juice - futures for September delivery fell .45 cent to 79.5 or roughly half a percent per pound.
Coffee - was down to its lowest levels in 2 months due to excess supply from Brazil and a rising US dollar. September contracts were off 1.25 cents to $1.178 a pound.
Meats
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Pork Bellies - were back down again drastically today and August futures hit limit down and bounced back to drop 185 points and settle at 54.17 cents. Limit for July bellies changed July 1 to 200 points when pricing fell below 60 cents per pound.
Lean Hogs - traders expect tighter hog supplies next week and the sentiment helped to support hog prices. July and August contracts hit 1 and ½ week highs today as they finished up 72 points and 45 points to 59.97 and 61.15 cents per pound respectively.
Live Cattle - were down 87 points to 84.87 a pound ahead of the holiday weekend.
Feeder Cattle - were down slightly to 103.45 cents, a change of 32 points for investors who wanted delivery in August. Meat prices have been hurt recently on weaker than expected summer demand, a stronger dollar, and cheaper poultry pricing.
Metals
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Gold - fell today on a stronger dollar, collapsing equities markets, and a weak energy market. August futures were down 1.1% to settle at $931 an ounce. Gold was up 5.4% last month amid concerns the US dollar would lose substantial value as the global economy picked up steam.
Silver - was also down and lost 35.2 cents to close at $13.408 an ounce. Today's close takes silver into the holiday weekend a 5.3% loser for the week.
Platinum - group metals are used primarily for catalytic converters in the automotive industry and lost today on growing US unemployment numbers. Futures for October gave up $11.80, on reduced hope that the global auto industry would recover, and closed at $1,193.30 an ounce.
Palladium - like platinum, palladium fell about 1% today and subtracted $2.85 an ounce to end at $252. Although today was a losing day the automotive metal is still up roughly 34% this year on "green shoot" optimism.
Copper- like almost all commodities copper suffered today on a weak US jobs report, concerns the economy will take longer to recover, and a rising US dollar. September contracts closed down 2.5 cents to $2.3055 a pound.
Energy
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Crude Oil - was devastated today on weak employment numbers in the US, a stronger dollar, and increasing gasoline and distillate inventories. Demand for oil has fallen significantly during the global downturn and today showed the fragility of sentiment for a recovery. August crude fell $2.58 to close down at $66.73 per barrel. During the session crude touched $66.26, its lowest price in nearly a month.
Natural Gas - fell today on continued concerns supply would far exceed demand and weaker broad market conditions. August contracts lost 1.8 cents to close at $3.615 per million British thermal units while September lost 1.87 cents to close at $3.757 BTU's.
Gasoline RBOB - August RBOB fell with oil and the broader commodities market today and closed down nearly 4% at $1.7914 per gallon, a change of 6.76 cents.
Heating Oil - like the other energies heating oil was also down about 4% and closed off 6.12 cents to $1.7045 per gallon into the US Independence Day weekend.
*Commodity News Center will be observing Independence day July 3rd as the US markets are closed tomorrow. Have a great weekend
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