The global sugar glut is extending into a third year, the longest stretch in more than a decade, as Brazil and Australia expand output and imports contract to the smallest since 2008. Production will exceed demand by 5.9 million metric tons in the year that began Oct. 1, more than the U.S. consumes in six months, the International Sugar Organization estimates. Global supply including inventories will be the highest ever, the London-based group says. Raw-sugar futures traded in New York [...]
October 14, 2012 11:40 am
Malaysia, the world’s second-biggest palm-oil producer, will reduce the export duty on the crude variety and abolish a duty-free shipment quota from Jan. 1, according to the government. Futures dropped. The cut will allow the industry to compete with other exporting countries, the Ministry of Plantation Industries and Commodities said in a statement today. The new rates will range from 4.5 percent to 8.5 percent, rising as prices climb from 2,250 ringgit ($736) a metric ton to 3,600 ringgit, Minister [...]
October 10, 2012 7:40 am
Wheat futures rose for the second straight day on speculation that the U.S. will lower its forecasts for global supplies as dry weather damages crops from Russia to Australia. Soybeans declined. Global wheat supplies before next year’s Northern Hemisphere harvest may be 172.77 million metric tons, down 2.2 percent from the U.S. Department of Agriculture’s estimate in September, according to analysts in a Bloomberg survey. Today, Russia cut its forecast for grain exports, and Australia last month reduced its harvest [...]
February 17, 2012 10:24 am
Wheat gained as Egypt, the world’s largest buyer, bought U.S. supplies, signaling demand may be shifting away from Russia and other producers. Corn and soybeans also advanced. Wheat for May delivery gained 0.5 percent to $6.3825 a bushel on the Chicago Board of Trade at 2:37 p.m. Singapore time, taking gains for the most-active contract to 1.3 percent this week. Egypt bought 180,000 metric tons of U.S. wheat at a tender yesterday, said Nomani Nomani, vice chairman of the General [...]
December 20, 2011 8:25 am
The Standard & Poor’s GSCI gauge of 24 commodities rose 0.3 percent to close at 619.5 at 3:54 p.m. in New York, led by corn, wheat and cattle. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,474.61. GRAINS, OILSEEDS Corn gained the most in more than two months and soybeans rose to a three-week high as adverse weather threatened crops in South America, boosting demand for U.S. supplies. Wheat climbed. Corn futures for March delivery [...]
December 2, 2011 9:49 am
Dec. 2 (Bloomberg) — Japan is seeking 58,000 metric tons of food wheat and 46,000 tons of barley Dec. 16 through a tender system introduced to loosen government grain-import controls, the Ministry of Agriculture, Forestry and Fisheries said. Shipment must be made by Feb. 10, Masafumi Otsuka at the ministry’s grain-trade division said today by phone. Of the total barley, 10,000 tons is for beer production and the remaining volume is for food production, he said. The tender will be [...]
November 30, 2011 10:29 am
By Naveen Thukral * Wheat falls 0.7 pct, after climbing nearly 4 pct * Corn, soy drop as investors cautious on European debt * Rain, snow to slow final U.S. corn harvesting * Technicals: Soy to fall to $11.02-3/4 SINGAPORE, Nov 30 (Reuters) – U.S. wheat slid on Wednesday amid a broad-based weakness in the commodity markets following a near 4 percent rally in the last session, its biggest one-day gain in more than a month. Corn fell 0.6 percent [...]
November 26, 2011 4:19 pm
Gold traders are more bullish after investors accumulated the biggest-ever hoard of the metal, with Europe’s deepening debt crisis driving them to protect their wealth with this year’s second-best performing commodity. Eighteen of 26 surveyed by Bloomberg expect bullion to rise next week. Holdings in exchange-traded products backed by gold reached a record 2,350.8 metric tons on Nov. 23, now valued at $127.6 billion, according to data compiled by Bloomberg. Hedge funds and other speculators increased their net-long position, or [...]
November 22, 2011 10:57 am
Soybeans fell to the lowest level in more than 13 months as concerns that the global economy may slow, reducing demand for commodities, overshadowed optimism that China may increase imports to meet a shortage. Soybeans for delivery in January slipped as much as 0.5 percent to $11.425 a bushel on the Chicago Board of Trade, the lowest price since Oct. 8, 2010. The most active contract traded at $11.43 at 2:38 p.m. Singapore time. The U.S. deficit-cutting congressional supercommittee failed [...]
November 22, 2011 10:53 am
Oil rose for the first time in four days as new sanctions against Iran raised concern that supplies may be disrupted, while affirmations of U.S. credit ratings and economic growth forecasts for China signaled continuing demand growth in the world’s two largest consumers of crude. Futures climbed as much as 1.1 percent in New York after the U.S., the U.K. and Canada expanded measures aimed at thwarting Iran’s nuclear program. Standard & Poor’s and Moody’s Investors Service affirmed their credit [...]
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