• 287 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 289 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 689 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 699 days Big Tech Disappoints Investors on Earnings Calls
  • 700 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 702 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 706 days Crypto Investors Won Big In 2021
  • 706 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 707 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 709 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 713 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 716 days Are NFTs About To Take Over Gaming?
Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

  1. Home
  2. Markets
  3. Other

Commodity Market Summary

May 29, 2008

Energy

Crude oil fell to a 2-week low today, with the July contract settling $4.41 lower at $126.62 a barrel. Strength in the US dollar and speculation that OPEC might raise production overshadowed the Energy Department's report showing the largest weekly decline in US crude inventories since 2004.

US crude supplies fell 8.8 million barrels to 311.6 million for the week ended May 23. The drop was due to temporary delays in unloading crude oil tankers in the Gulf Coast due to heavy fog.

The United Arab Emirates' governor to OPEC told reporters in Dubai that crude prices are going too high too fast, also noting that the U.A.E. is willing and well prepared to raise output if there was a supply shortage.

June RBOB gasoline settled 5 cents lower at $3.40 a gallon, June heating oil settled 13.15 cents lower at $3.6885 a gallon and July natural gas settled 52.1 cents lower at $11.474 per 1,000 cubic feet.

Grains

Soybeans plunged 3.8-percent today, with the July contract settling 50 cents lower at $13.22 3/4 a bushel. Concerns over the strike in Argentina was overshadowed by falling energy and gold futures, as strength in the US dollar pushed nearly all commodities lower on the session.

Falling crude prices continues to influence soy-oil, which is used to produce bio-diesel, sending the July contract 235 points lower at 60.30 cents per pound. July soy-meal settled $11.90 lower at $331.80 per short ton.

Rice gained 2.1-percent today, with the July contract settling 40 cents higher at $18.85 per hundredweight. Commercials and bottom-fishers were active buyers today, after rice plunged limit-down the previous 3 sessions.

July corn settled 10 1/4 cents lower at $5.82 1/4 per bushel, July wheat settled 15 1/2 cents lower at $7.43 1/2 per bushel, and July oats settled 8 cents lower at $3.82 a bushel.

Softs

Cocoa closed 4.1-percent higher today, with the July contract settling $108 higher at $2,730 a metric ton. Technical strength was noted for today's higher close in cocoa. Wednesday's close above the 10 and 40-day moving averages encouraged buying.

Coffee closed 2.3-percent lower today, with the July contract settling 310 points lower at $1.3250 a pound. Favorable harvesting conditions in Brazil, along with the climbing dollar were noted for the decline.

July orange juice fell 95 points to settle at $1.0490, July cotton settled 50 points lower at 65.99 cents a pound, and July sugar settled 14 points lower at 9.97 cents a pound.

Meats

Cattle futures were lower today, with August feeder cattle settling 35 points lower at $115.45 per hundredweight. Softening of cash prices were noted for the decline in cattle. August live cattle settled 70 points lower at $100.925 per hundredweight.

Lean hogs were mixed today, with the July contract settling 57 points lower at 76.17 cents, while the July contract settled 20 points higher at 76.25 cents a pound. Spreading out of the July contract, that is nearing expiration, and into the July contract was noted for today's action.

Pork bellies clicked limit-up mid session, with the August contract settling 245 points higher at 75.60 cents a pound. Bottom-fishers were buying after falling what some were calling oversold conditions was noted for the bounce higher today. Pork bellies have slid 13-percent over the past 2-weeks.

Metals

Gold fell 2.7-percent today, with the August contract settling $23.30 lower at $881.70 an ounce. The US dollar climbed higher for the fourth straight day on building speculation that the next move for interest rates is higher, reducing demand for precious metals as a hedge against inflation.

July silver settled 89 cents lower at $16.52 an ounce, July platinum settled $76.70 lower at $1,990.20 an ounce, June palladiumsettled $9.50 lower at $426.75 an ounce and July copper settled13 cents lower at $3.56 a pound.

Sign up for CNC Weekly Report. With commodity quotes, news, charts, insight and more...Commodity News Center is your home for commodities online!

 

Back to homepage

Leave a comment

Leave a comment