Stanford sentenced to 110 years in prison for Ponzi scheme

Stanford sentenced to 110 years in prison for Ponzi scheme

June 14 (Bloomberg) -- R. Allen Stanford, found guilty of leading a $7 billion international fraud scheme by a U.S. jury, was sentenced to 110 years in prison by a federal judge.  U.S. District Judge David Hittner in Houston imposed the sentence today after jurors in March convicted the Stanford Financial Group principal of 13 charges, including five counts of mail fraud and four of wire fraud, each punishable by as long as 20 years in prison.  “Mr. Stanford doesn’t have an ounce of remorse,” Assistant U.S. Attorney William Stellmach said in court today before the judge passed sentence. “Allen Stanford doesn’t deserve anyone’s sympathy and he doesn’t deserve your honor’s mercy.”

FOB Gulf Grain-Corn premiums flat-higher, spot sales quiet

FOB Gulf Grain-Corn premiums flat-higher, spot sales quiet | Reuters
U.S. corn export premiums at the Gulf Coast were steady to higher on Thursday, despite sluggish export demand for nearby shipments, as tight supplies of old-crop grain supported the market, traders said.  Offers for nearby corn shipments were thin as old-crop stocks were difficult to source and exporters were unwilling to risk booking new sales without coverage.  FOB basis offers for June remained unquoted. July basis offers were nominally 100 cents a bushel over Chicago Board of Trade July futures, up 2 cents from the prior day, traders said.  Spot CIF basis bids for corn barges that supply the Gulf rose to 91 cents over CBOT July, up 2 cents from late Wednesday and the highest spot bid in more than a month.  Higher futures prices on Thursday spurred scattered old-crop corn sales by farmers, but much of that grain was seen flowing to domestic users, traders said.  Corn export sales have languished amid high prices and limited available offers. USDA reported sales last week at an 11-week low, with old-crop sales at a marketing year low...

Global shares edge up as central banks stand ready to act

Global shares edge up as central banks stand ready to act | Reuters

Asian shares edged up on Friday, and the euro held most of the previous session's gains, as nervous investors took comfort from plans for coordinated action by major central banks to stabilize markets if Sunday's election in Greece results in turmoil.  Global markets have been volatile this week amid uncertainty about the outcome of the poll, which could set Greece on a path out of the euro zone and increase the likelihood of financial contagion engulfing other weak economies in the bloc.  "Expectations of further stimulus from global central banks will provide some upside, but investors will want to wait for Greece before taking clear positions," said Lee Young-gon, an analyst at Hana Daetoo Securities in Seoul.

Record world corn trade in 2012/13 projected up this month

Record world corn trade in 2012/13 projected up this month Cattle News - Editorial, Grain & Cattle Markets, Current Stories
Global corn trade in 2012/13 (October-September) is forecast to reach a record 103.5 million tons, up 2.1 million this month. Competition between exporters is expected to keep corn prices attractive for most importers during 2012/13. Brazil’s large second-crop corn in 2011/12 will mostly be exported in the 2012/13 October-September trade year with exports projected up 1.0 million tons this month to 11.5 million.

Small commodities traders scramble for new lenders

Small commodities traders scramble for new lenders | Reuters

(Reuters) - Small and mid-sized commodity traders are scrambling to find new lenders, including Asian and African banks, as dollar funding dries up from the big European banks that have been among their traditional creditors.

Natural Gas, Oil, Corn Rise; Coffee Falls: Commodities at Close

Natural Gas, Oil, Corn Rise; Coffee Falls: Commodities at Close - Bloomberg
The Standard & Poor’s GSCI gauge of 24 commodities rose 0.9 percent to 581.87 at 4:38 p.m. New York time. The UBS Bloomberg CMCI index of 26 raw materials gained 0.4 percent to 1,426.752.

CRUDE OIL

Crude oil rose the most in more than two months on speculation the Federal Reserve will loosen monetary policy to spur growth and as OPEC members were asked to cut production that exceeds their current output ceiling.  Oil advanced 1.6 percent as a worse-than-expected jobless claims report fueled expectations that Fed policy makers will announce new stimulus measures next week. OPEC Secretary-General Abdalla El-Badri said group’s production is about 1.6 million barrels a day above the 30 million target renewed today.  Oil for July delivery gained $1.29 to settle at $83.91 a barrel on the New York Mercantile Exchange, the biggest percentage increase since April 11...

Gold Traders Bullish as Hedge Funds Increase Wagers

Gold Traders Bullish as Hedge Funds Increase Wagers - Bloomberg
Gold traders are bullish for a fourth consecutive week after hedge funds added to bets that prices will rally, exchange-traded products backed by the metal expanded and Europe’s debt crisis roiled markets.
Twenty-four analysts surveyed by Bloomberg said they expect gold to gain next week and six were bearish. A further three were neutral. Speculators boosted net-long positions by 27 percent in the week ended June 5, the latest Commodity Futures Trading Commission data show. ETP holdings rose 18 metric tons valued at $938 million since the start of June, halting a three- month retreat, according to data compiled by Bloomberg.

Venezuela Passes Saudis to Hold World’s Biggest Oil Reserves

Venezuela Passes Saudis to Hold World’s Biggest Oil Reserves - Bloomberg
Venezuela surpassed Saudi Arabia to become the world’s largest holder of proven oil reserves, a resource that President Hugo Chavez promises to tap if he gets re-elected in October.
The South American country’s deposits were at 296.5 billion barrels at the end of last year, data from BP Plc (BP/) show. Saudi Arabia held 265.4 billion barrels, BP said yesterday in its annual Statistical Review of World Energy. The 2010 estimate for Venezuela increased from 211.2 billion in the previous report. “These reserves are quantified and certified by third parties and recognized by the entire world as being the biggest proven reserves of the world,” Venezuela’s Oil Minister Rafael Ramirez said today in Vienna. “We have always said that in the future the natural resources will become scarce and when the economy recovers and demand will come back then we will be one of the few countries able to respond to that.”

Coffee Price Drop Endangers Recovery of Colombian 2013 Crop

Coffee Price Drop Endangers Recovery of Colombian 2013 Crop - Bloomberg
Colombia, the second-largest supplier of Arabica coffee beans, said a slump in prices is putting at risk next year’s recovery in its harvest.  A prolonged drop poses a “serious danger” because some farmers are losing money at current prices, Mario Gomez, a member of the board of Colombia’s National Federation of Coffee Growers for about three decades, said in a telephone interview from the city of Manizales in the nation’s central coffee- farming region.  “That’s the death of coffee production,” Gomez said. “Losses lead to crops being neglected and then abandoned.”  Coffee has declined 16 percent in a month on speculation supplies will increase from Brazil, the top producer of Arabica coffee favored by brewers such as Starbucks Corp. (SBUX) The Colombian federation’s Chief Executive Officer Luis Munoz forecast last month that 2013 output may rebound to a five-year high of 9 million bags as disease-resistant crops aid production.  Arabica-coffee futures for September delivery, slid 2 percent to close at $1.5105 a pound on ICE Futures U.S. in New York.

Comex Gold Ends Near Steady in Tentative Trading ahead of Greek Elections

Comex Gold Ends Near Steady in Tentative Trading ahead of Greek Elections - Forbes
Comex gold futures prices ended the U.S. day session near unchanged in subdued trading Thursday. The market place is on hold ahead this weekend’s Greek elections. August gold last traded up $0.90 at $1,620.30 an ounce. Spot gold was last quoted up $1.70 an ounce at $1,619.75.  July Comex silver last traded down $0.451 at $28.49 an ounce.

Dollar falls after data on Fed easing speculation; kiwi advances

Dollar falls after data on Fed easing speculation; kiwi advances
The dollar fell for a second day against the yen after reports signaled a slowing U.S. economy, boosting the case for the Federal Reserve to take more steps to bolster growth. The euro rose against the dollar on bets its 5 percent decline since April was overdone even as Spanish bond yields rose to a record after Moody’s Investors Service cut the nation’s credit rating. The U.S. currency declined versus 15 of its 16 major peers after initial jobless claims rose last week and inflation declined in May.

Coffee hits fresh 2-year low; cotton up 1% near 3-week high

Softs- coffee hits fresh 2-year low; cotton up 1% near 3-week high By Forexpros
U.S. soft futures were mixed during early U.S. morning hours on Thursday, with coffee futures slumping to a fresh two-year low for the fourth consecutive day.  Meanwhile, cotton prices traded close to a three-week high, as sentiment on the fiber has improved in recent sessions, while sugar futures fell, moving further away from a three-week high hit earlier in the week.  Farm commodity traders continued to monitor rising borrowing costs in Spain and Italy, as well as weekend elections in Greece, which could determine the course of the country’s future in the euro zone.  On the ICE Futures U.S. Exchange, Arabica coffee for July delivery traded at USD1.5155 a pound, shedding 0.4%. It earlier fell by as much as 0.8% to trade at USD1.5097, the lowest since mid-2010.  Coffee prices fell to a fresh two-year low for the fourth consecutive day, amid bearish chart signals.

Top Traders Risk Expulsion in Brain Drain From U.K. Visa Limits

Top Traders Risk Expulsion in Brain Drain From U.K. Visa Limits


June 12 (Bloomberg) -- U.K. lawyers are fielding a flood of questions from multinational firms as a government shake-up of visa rules threatens to cut short the careers of top traders and other executives transferred from overseas.