Commodities Futures Trading News

Friday, July 17, 2009

U.S. Economy
The U.S. Census Bureau said that housing starts were at an annual rate of 582,000 in June, up 3.6% from May's pace and better than expected, but down 52% from a year ago. So far in 2009, housing starts are down 48% from a year ago. September lumber is trading lower.

Bank of America said that they earned $2.42 billion in the second quarter and Citigroup said that they earned $3 billion, both better-than-expected results that were helped by a one-time sale of assets.

Livestock
The USDA said in today's Livestock Outlook that "lower (pork) production and lower (hog) prices are expected to persist for the balance of this year." They are expecting production to be down 3% in the third quarter from a year ago and down 2% in the fourth quarter from a year ago. October hogs are steady to lower.

The USDA also said that beef production will be down 8% in 2009, but they expect a 9% increase in 2010. October cattle are steady.

Cocoa
The National Confectioners Association said that the North American cocoa grind totaled 105,123 tons in the second quarter, down 6.75% from a year ago, but better than expected. September cocoa is trading higher.

Late yesterday, officials in the Ivory Coast said that they would make an effort to spray cocoa plantations to prevent black pod disease from spreading.

Coffee
Dow Jones Newswires said that there is no significant cold in Brazil's forecast for the next seven days.

Energies
September crude oil is steady to higher, encouraged by today's positive housing starts report.

Currencies
Statistics Canada said that consumer prices were down .3% in June from a year ago, the first annual decline since November of 1994. Also, the composite index of leading indicators was down .1% in June with 4 of 10 indicators showing positive gains.

Eurostat said that construction output in the EU-27 was down 2.7% in May and down 9.6% from a year ago.

Thursday, July 16, 2009

U.S. Economy
The U.S. Labor Department said that jobless claims were down 47,000 last week to 522,000, the lowest since the first week of 2009. The big drop may have been distorted by unusual activity in the auto industry.

The Philadelphia Federal Reserve's regional index of manufacturing fell from -2.2 to -7.5 in July, weaker than expected. The December 2010 eurodollars closed up .075 at 97.90.

JPMorgan reported better-than-expected earnings today after yesterday's positive earnings report from Goldman Sachs. Tomorrow, investors will hear from Citigroup and Bank of America.

Grains and Cotton
The USDA said that, as of last week, 2008-2009 exports of:
Corn improved from -32% to -31% from a year ago.
Soybeans improved from +10% to +11% from a year ago.
Cotton remained +3% from a year ago.

The USDA also said that 2009-2010 wheat exports fell from -32% to -41% from a year ago. December wheat was down 2 cents at $5.595.

China said that it will release 500,000 tons of soybeans and 2 million tons of corn from state reserves next week. November soybeans closed down 14.5 cents at $8.90.

December corn dropped 12.25 cents to a new contract low of $3.252 with ongoing pressure from good growing weather in the Midwest.

Livestock
The USDA said that 4,700 tons of U.S. beef were exported last week, up from 4,500 tons the prior week. October cattle closed up 1.15 at 91.42, the highest close in over six months...