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Saturday, January 7, 2012
CHICAGO: US corn futures edged higher on Friday, stabilizing after Thursday's steep slide amid renewed concerns about dry weather hurting crops in South America. Chicago Board of Trade corn for March delivery gained 0.5 percent, or 3 cents, to $6.46-1/2 a bushel at 11:55 a.m. CST.
NEW YORK (Dow Jones)--Financial entities--led by the funding arm of industrial conglomerate General Electric--continued to throng to the debt markets Wednesday amid strong demand for corporate paper, while a rally in government bond prices faded, sending yields on the 10-year Treasury note higher. Meanwhile, the specter of the European debt crisis hangs over markets and threatens to offset any momentum to the new year's opening. Germany's auction of new 10-year debt went off as planned, but with fewer bids than what had been targeted, suggesting potentially tepid demand for Thursday's long-term bond auction from France. U.S. factory orders grew for the first time in three months in November, the latest indication the manufacturing sector is slowly expanding.
London: ICE sugar and coffee futures were steadied with help from a softer dollar yesterday, after sharp slides the previous day, while cocoa firmed although potential for further rises was limited by abundant West African supplies.
Raw sugar prices will average 24 cents a pound on ICE Futures U.S. in New York in the first quarter this year, according to Deutsche Bank AG. The commodity will slip to 22 cents a pound in the second and third quarters, and to 21 cents a pound in the fourth quarter, the bank said in a report e-mailed today. Raw sugar for March delivery was up 1 percent to 23.35 cents a pound by 4:49 a.m. in New York, after falling as much as 6.2 percent yesterday.
Friday saw the common currency of the European Union plunging toward a fifth-straight week of losses to the U.S. dollar amid waning consumer confidence in Europe, reports. The monetary unit was roughly 0.1 percent from touching its lowest value when compared with the yen of Japan in 11 years, largely due to continued struggles of euro zone leaders controlling damages caused by the sovereign debt scourge. “There’s not a huge amount of reasons to be wanting to own the euro at the moment,” institutional trader Chris Weston with IG Markets in Melbourne told . “The fundamentals point to a weaker euro.”
The Commodity Futures Trading Commission (CFTC) has issued a letter informing the North American Derivatives Exchange (NADEX) that it has commenced a 90-day review of NADEX’s proposed political event derivatives contracts. The review is based on the possibility that these contracts may involve, among other issues, “gaming or an activity that is unlawful under any State or Federal law.”
The Commission requested that NADEX suspend the listing and trading of its proposed contracts during the review period.
The CFTC has posted NADEX’s submission on its website and is seeking public comment on the proposal during a 30-day comment period. In addition, the Commission is seeking public comment on specific questions related to political event contracts to assist in its evaluation of NADEX’s submission.
The 30-day public comment period ends on 4 February, 2012, and the Commission’s 90-day review period ends on 2 April, 2012.
FRANKFURT (MarketWatch) -- Soros Fund Management Chairman George Soros warned that a breakup of the euro would be a catastrophe for Europe and the global financial system. Soros, speaking in Hyderabad, India, said a collapse of the euro would lead to a breakup of the European Union and that the consequences would be more dire than in the crash of 2008, the Business Line newspaper reported. "The crisis is causing the financial condition the world over to deteriorate and this would have a catastrophic effect not only on Europe but also the rest of the world because of the interconnectedness," the billionaire investor said, according to the Economic Times.
CAIRO -(MarketWatch)- Egypt's state-owned wheat buyer, the General Authority for Supply Commodities, said Friday it bought a total of 240,000 metric tons of French, Ukrainian and Russian or Kazakh wheat for shipment March 11-20.
CHICAGO Grains futures mostly fell Friday on the Chicago Board of Trade. Wheat for March delivery fell 4.50 cents to $6.2475 a bushelMarch corn was unchanged at $6.4350 a bushelMarch oats fell 2.75 cents to $2.8725 a bushelwhile March soybeans fell 12.50 cents to $11.9650 a bushel. Beef and pork futures traded mixed on the Chicago Mercantile Exchange. February live cattle fell 0.63 cent to $1.2032 a poundMarch feeder cattle fell 0.98 cent to $1.4987 a poundwhile February lean hogs rose 0.05 cent to 85.85 cents a pound.
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