Soybean futures settled mixed on Friday. Soybean futures saw some volatility throughout trading today. Prices declined as the U.S. dollar remained strong coupled with lower crude oil prices and disappointing U.S. employment data. Alternatively, prices were encouraged by USDA export sales of 120,000 tonnes to an undisclosed destination for the 2012/2013 crop year and increased demand for soybeans due to drought in South America. July futures were up 4 3/4 cents to close at $14.78 1/4 and November future were down 1 cent to close at $13.66 3/4.
Friday, May 4, 2012
Corn, soybeans end mixed on Friday
Soybean futures settled mixed on Friday. Soybean futures saw some volatility throughout trading today. Prices declined as the U.S. dollar remained strong coupled with lower crude oil prices and disappointing U.S. employment data. Alternatively, prices were encouraged by USDA export sales of 120,000 tonnes to an undisclosed destination for the 2012/2013 crop year and increased demand for soybeans due to drought in South America. July futures were up 4 3/4 cents to close at $14.78 1/4 and November future were down 1 cent to close at $13.66 3/4.
Euro Set for Biggest Weekly Decline in a Month
The euro weakened for a fifth day against the dollar after a European report showed the region’s manufacturing and services industries shrank in April more than economists predicted. The 17-nation currency extended its daily losing streak to the longest since September as France and Greece prepared to hold elections this weekend, creating uncertainty about the two nations’ commitment to austerity measures. The dollar strengthened against most of its major counterparts before a U.S. report that economists said will show employers stepped up hiring last month.
Yen Gains as Job Data, Europe Elections Fuel Haven Demand
The yen gained versus all of its 16 most-traded counterparts as investors sought safety after U.S. payrolls increased less than forecast in April and before elections in Europe that may result in leadership changes.
Strong basis helps corn rally Friday
Front-month U.S. corn futures closed higher on strong cash-basis levels Friday, while deferred contracts fell amid a good start to the country's growing season. Chicago Board of Trade May corn ended up 11 1/2 cents, or 1.8%, at $6.62 1/4 a bushel. July corn, the most actively traded contract, rose 5 3/4 cents to $6.20 1/4 a bushel, while December corn fell 5 1/4 cents to $5.24 1/4 a bushel.
Gold ends higher, snaps losing streak
Gold for June delivery GCM2 +0.51% added $10.40, or 0.6%, to $1,645.20 an ounce on the Comex division of the New York Mercantile Exchange. The higher settlement was not enough for weekly gains, however. Gold ended the five-day period off 1.2%. Gold had earlier fluctuated between small gains and losses, under pressure from a higher dollar but with support from a trickle of safe-haven flows after the employment data.
U.S. natgas futures hit by profit taking
(Reuters) - U.S. natural gas futures lost ground on Friday as profit taking after recent gains and poor economic data pressured the complex ahead of the weekend despite Thursday's supportive weekly inventory report.
Jobs Data Extend Treasury Bonds' Rally Into Seventh Week
NEW YORK(Dow Jones)--A downbeat April U.S. jobs report sparked a flight into Treasury bonds Friday, extending the benchmark 10-year note's strength into a seventh-straight week. It marks the note's longest winning streak since December 2008--when demand for Treasury bonds surged following the collapse of Lehman Brothers Holdings Inc. The 10-year yield, which moves inversely to its price, hit as low as 1.872% Friday, a three-month trough. A benchmark to set long-term U.S. consumer and corporate finances, the yield now trades less than 25 basis points from a historic low set in September.
Crude Plunges Below $100, At Lowest Since Feb
NEW YORK (Dow Jones)--Oil futures tumbled to their lowest level in three months Friday, blowing through $100 a barrel and continuing on lower, in a rout spurred by a weaker-than-expected reading on U.S. employment in April. The weak jobs data has prompted fresh worries about global oil demand, and comes on the heels of several recent reports that suggest an eroding outlook for the global economy.
May 1, 2011 Current Commitments of Traders Charts
Based on CFTC weekly report.
(Weekly as of October 2000.)
03 May 11 - 01 May 12
Corn Farmers Hope, Cautiously, For A Bumper Crop
It's still too early to predict whether the 2012 corn harvest will set a record, but many corn farmers say the prognosis for a bumper crop is looking pretty good right now. U.S. farmers are planting more acres of corn this year than they have in any year since the Great Depression. And with a mild spring across much of the nation's Corn Belt, many are hoping this autumn's yield will be one for the record books.
Corn Recovering from Cool Wet April
The month of March gave Indiana farmers some warm and dry days to get an early start on planting. But cool and wet conditions in April slowed crop emergence and early development. The forecast for the beginning of May is for much warmer conditions which will help the crops recover from a slow start. Northeast Indiana has received several inches of rain this week. Now, with a warm up, the newly planted corn is looking good according to Todd Hoffman, who farms in Kosciusko County, “We have about 50-78% of the corn planted in this area, and the crops range from just emerged to an inch or so tall.
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