Inclement weather has damaged about half of the crop of wheat crop in the third-largest producing state of Australia, Bloomberg reports. Heavy rains flattened crops in Victoria, Australia and reduced the quality to feed, according to a grains project manager at the Primary Industries Department, contributing to the 44 percent rise in wheat futures thus… Read more.
As traders feel increasingly confident that the U.S. Federal Reserve Bank will expand the monetary base by buying bonds, the dollar is sliding and commodity prices are rising ahead of next week's Federal Open Market Committee meeting. Copper, a key industrial metal that's highly sensitive to currency fluctuations, rose as a result. Comex copper futures… Read more.
Wheat futures declined on Monday as rains across Russia and Eastern Europe gave farmers in drought-stricken regions some hope that the next year's crops may do better than this year's. Many Russian and Ukrainian farmers feared that they would be unable to plant their crops in the persistently dry, sun-baked soil. "The Russian situation has… Read more.
The price of gold futures dropped on Thursday, reflecting improved risk-taking sentiment as a result of positive economic data. The Department of Labor's initial seasonally adjusted jobless claims showed a drop of of 27,000 to 451,000 in the week ending September 4, indicating that the employment situation is, at the very least, not getting worse.… Read more.
Investors in wheat futures have seen prices continue to trend upward in recent days in light of a drought that has severely affected the Russian wheat harvest. A report by Bloomberg cites a 51 percent increase in wheat prices since the end of June due to the situation in Russia, which has banned exports of… Read more.
Crude oil futures fell on Wednesday, as a report from the Department of Energy showed that stockpiles of crude, gasoline and heating oil all increased in the week ending July 16. The price of the ICE West Texas Intermediate light, sweet crude oil futures contract fell .46 percent to $77.22 per barrel at 1 p.m.… Read more.
Seventeen of Russia’s wheat-growing regions reported a state of emergency as a result of temperatures that flared over 100 degrees Fahrenheit. Reports say that 20 percent of the land sown with wheat has been destroyed, with as much as 50 percent ruined in eleven of the regions. On Thursday, wheat for September delivery rose 38… Read more.
U.S. wheat futures pulled back from solid gains that touched record highs and settled mixed. CBOT wheat for September delivery ended down at $4.77 3/4 a bushel. Weather was once again the primary issue, as heavy rain blanketed the Great Plains region and hit Oklahoma and Kansas with particular force. The wet weather can delay… Read more.