Wednesday 5 August 2009

CME Lumber Review: Quiet Session Leaves Prices Mixed

CME Lumber Review: Quiet Session Leaves Prices Mixed

KANSAS CITY (Dow Jones)--Chicago Mercantile Exchange lumber futures pit trade Wednesday settled mixed, with the most active nearby contracts ending lower.

The September contract settled down $3.90, at $203.10, and November was off $6.20, at $203.20. January was down $1.30, at $220.00.

Brokers said estimated volume was only about 10% of Tuesday's level as cash market activity subsided from Tuesday's hectic pace.

Futures pressure came from speculative selling in the absence of buying interest, brokers said.

One broker said the pressure on nearby futures contracts during the daily session had little hedge pressure involved. Cash prices were near enough to nearby futures values that there was little incentive to lay off risk by selling futures.

During the pit trade, 24 September/November spreads were done in a range from even money to $0.50, premium November. The spread closed at $0.10. As of 1512 EDT, the spread had traded 185 times in the Globex market, with the CME group's listed high at even money and the listed low at $1.10, premium November. The last was given as $1.10.

An additional 22 November/January spreads were done in the Globex market. The listed high is $12.20, and the listed low is $14.50, premium January, and the last is $14.50.

Dow Jones Newswires published a price for SPF 2x4s at $204 to $210, unchanged from Tuesday.


CLOSE CHANGE HIGH LOW
SEP 203.10 dn 3.90 206.90 202.60
NOV 203.20 dn 6.20 209.40 202.70
JAN 220.00 dn 1.30 221.40 215.40


-By Lester Aldrich, Dow Jones Newswires; 913-322-5179; lester.aldrich@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

August 05, 2009 15:20 ET (19:20 GMT)

ICE FCOJ Review: Rallies 5.1% On Speculative Buying

ICE FCOJ Review: Rallies 5.1% On Speculative Buying

KANSAS CITY (Dow Jones)--Frozen concentrated orange juice futures rallied to two-week highs Wednesday, as speculative buying lifted the market for a second consecutive session.

Nearby September FCOJ on ICE Futures U.S. rose 470 points, or 5.1%, to settle at 97.55 cents a pound.

Some of the buying was attributed to strengthening technicals and prices running into buy stops, while others positioned themselves ahead of key private crop forecasts scheduled to be released in the next several days.

September orange juice has rallied 775 points, or 7 3/4 cents, since Monday's settlement, as speculative funds jumped back into the market.

Others simply attributed the rally to the fact that prices had fallen to low enough levels to spark buying interest.

"If the specs decide they want to buy orange juice, then it goes up," said a Florida-based FCOJ broker of the gains.

Prices fell below a key 50% Fibonacci retracement zone drawn off the July 17 $1.0485 high to the June 29 75.65 low, which encouraged technical buying. The bullish move pushed orange juice futures into buy stop areas, which attracted additional interest, the broker said.

Traders are anticipating key 2009-10 Florida orange estimates from influential analyst Elizabeth Steger and processing giant Louis Dreyfus within the next week or two. These private projections will be the first of the new crop year, with the U.S. Agriculture Department not scheduled to issue its official estimate until Oct. 9.

Traders also are paying more attention to activity in the Atlantic Basin for potential tropical storm development, though conditions now are clear with no tropical cyclone formation expected in the next 48 hours, the U.S. National Hurricane Center said.

Open interest edged down 90 to total 30,071 contracts, ICE data showed. Traders continue to move positions out of nearby September and into the November contract.

Futures volume was estimated at 4,504 contracts traded, with 657 calls and 238 put options traded.


ICE Settle Change Range (At time of settlement)
Sep $0.9755 up 470 $0.9310-$0.9855
Nov $1.0090 up 460 $0.9640-$1.0180


-By Tom Sellen, Dow Jones Newswires; 913-322-5177; tom.sellen@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

August 05, 2009 15:20 ET (19:20 GMT)

ICE Canada Grain/Oilseed Review: Canola Lifted By US Soy Rally

ICE Canada Grain/Oilseed Review: Canola Lifted By US Soy Rally

WINNIPEG (Dow Jones)--Grain and oilseed futures at ICE Futures Canada closed Wednesday's session mixed as canola was lifted by a late rally in the Chicago Board of Trade soy complex futures, brokers said.

Canola saw a moderate trade with intermonth spread activity enhancing volumes.

The total canola volume was estimated at 7,767 contracts, down from 15,180 contracts on Tuesday, including an estimated 2,876 contracts involved in the spread trade.

Canola was narrowly mixed in the overnight trade and turned lower just ahead of the opening of the North American trading session. Canola's extended its losses as the North American session got underway and the CBOT soyoil market posted losses. Canola fell to its lows late in the session when the CBOT soybean market dropped in response to the Informa Economic's crop forecast. Canola climbed back to just modest gains in most contracts by the close as the CBOT soy complex rallied.

Canola was pressured down by the early weakness in CBOT soyoil. However profit taking was evident throughout the session, said traders, who noted that canola has rallied almost C$50 per metric ton since Friday. "This market is due for a correction lower...it's gained over 10% in 3 trading sessions," said a trader.

Also weighing on the market was the lack of confirmed fresh export demand and the firm Canadian dollar.

However, pulling canola off its lows was the slow farmer selling and the continued concerns about cold conditions in western Canada as temperatures dropped to as low as 4 degrees Celsius once again in Saskatchewan. A firming in CBOT soy complex in the last half hour of trade took canola to modest gains in most contracts in the last 15 minutes of the session.

Routine exporter, crusher and Japanese buying met commission house profit taking, light elevator company selling and exporter liquidation selling.

Western barley futures ended lower in light commercial trade. The market was undermined by the weakness in CBOT corn and sluggish end user demand. Traders are indicating that many feed lots have covered needs as far out as January.

The total barley volume was estimated at 35 contracts, down from Tuesday's 89 contracts, including an estimated 10 contracts involved in the spread trade.

Prices are in Canadian dollars per metric ton:

        Price       Change
Canola
Nov 435.50 up 0.20
Jan 440.00 unch
Mar 443.00 dn 1.00
Western Barley
Oct 148.20 dn 4.70
Nov 168.20 dn 3.80


Spread trade prices are in Canadian dollars and the volume represents the number of spreads

Months         Prices         Volume
Canola
Nov/Jan 4.25-5.30 974
Nov/Mar 3.80-9.20 29
Nov/May unavailable 200
Nov/July 15.80-18.20 80
Jan/Mar 2.20-4.20 13
Mar/May 3.60-4.30 57
May/July 3.80-6.00 85
Western Barley
Oct/Nov unavailable 10


-By Don Bousquet; contributing to Dow Jones Newswires; 204-947-1700 resnews@shawbiz.ca

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

August 05, 2009 15:19 ET (19:19 GMT)

US Factory Orders-STATS-Historical, Shpmts, Unfill, Invty

US Factory Orders-STATS-Historical, Shpmts, Unfill, Invty

(NOTE: See New Orders historical data in story no. 84733)

Seasonally adjusted data in millions of dollars. R denotes revised.
Source: U.S. Commerce Department.

-SHIPMENTS- -UNFILLED ORDERS- -INVENTORIES-
Mo Ago Yr Ago Mo Ago Yr Ago Mo Ago Yr Ago
Month Level % chg % chg: Level % chg % chg : Level % chg % chg
Jun 09 358,307 1.4 -21.4: 740,239 -0.9 -9.5 : 508,339 -0.8 -8.5
May 09 353,425 -0.8 -21.0: 746,744 -0.3 -7.8 : 512,515 -0.8 -6.6
Apr 09 356,430 -0.5 -20.1: 749,081 -1.1 -6.7 : 516,545 -1.2 -5.3
Mar 09 358,073 -1.8 -17.6: 757,692 -1.7 -4.9 : 522,662 -1.2 -4.2
Feb 09 364,479 -0.5 -15.1: 770,939 -1.7 -2.0 : 528,920 -1.3 -2.2
Jan 09 366,366 -2.6 -16.3: 783,955 -2.0 0.8 : 535,850 -1.1 -0.3
Dec 08 375,980 -3.3 -13.2: 800,360 -1.5 3.5 : 541,986 -1.9 2.1
Nov 08 388,928 -6.5 -10.7: 812,879 -0.9 7.6 : 552,253 -0.5 4.9
Oct 08 415,900 -3.6 -2.7: 820,672 -0.9 9.7 : 554,990 -0.6 6.2
Sep 08 431,492 -3.1 2.2: 828,225 0.2 11.8 : 558,296 -0.8 7.0
Aug 08 445,455 -3.7 5.2: 826,529 0.3 12.8 : 562,781 0.7 8.6
Jul 08 462,379 1.4 7.1: 824,232 0.8 13.7 : 559,070 0.6 7.8
Jun 08 455,873 1.9 7.8: 818,023 1.0 15.4 : 555,627 1.2 7.3
May 08 447,411 0.3 4.9: 810,293 0.9 15.8 : 548,825 0.6 6.2
Apr 08 446,031 2.7 5.5: 802,972 0.7 15.8 : 545,633 0.0 6.0
Mar 08 434,378 1.1 4.0: 797,114 1.3 17.1 : 545,791 0.9 6.4
Feb 08 429,531 -1.9 4.4: 786,860 1.2 17.3 : 540,675 0.6 5.5
Jan 08 437,643 1.1 7.1: 777,859 0.6 17.1 : 537,497 1.3 4.9
Dec 07 433,063 -0.6 3.2: 773,297 2.3 17.1 : 530,664 0.8 3.7
Nov 07 435,555 1.9 6.0: 755,712 1.0 15.6 : 526,439 0.7 2.9
Oct 07 427,623 1.3 4.6: 748,304 1.0 16.3 : 522,777 0.1 2.5
Sep 07 422,225 -0.3 2.8: 740,534 1.0 16.2 : 521,995 0.8 2.8
Aug 07 423,435 -1.9 -0.7: 732,889 1.1 19.5 : 518,057 -0.1 2.8
Jul 07 431,756 2.1 2.2: 724,733 2.2 18.0 : 518,644 0.1 3.5
Jun 07 422,938 -0.8 -0.8: 708,841 1.3 16.8 : 517,956 0.2 4.4
May 07 426,330 0.9 0.0: 699,668 0.9 17.0 : 516,996 0.4 5.2
Apr 07 422,726 1.2 1.3: 693,329 1.9 16.5 : 514,686 0.3 5.6
Mar 07 417,629 1.5 -0.4: 680,483 1.4 15.8 : 512,988 0.1 6.2
Feb 07 411,584 0.7 -0.8: 670,877 1.0 16.8 : 512,706 0.1 7.1
Jan 07 408,610 -2.6 -2.4: 664,272 0.6 16.9 : 512,189 0.1 7.0
Dec 06 419,663 2.2 0.7: 660,406 1.0 15.3 : 511,487 0.0 8.2
Nov 06 410,829 0.5 0.3: 653,650 1.6 16.0 : 511,609 0.3 9.0
Oct 06 408,628 -0.5 0.4: 643,221 1.0 17.6 : 510,028 0.5 9.3
Sep 06 410,821 -3.6 1.5: 637,063 3.9 18.2 : 507,632 0.7 9.8
Aug 06 426,221 0.8 6.9: 613,391 -0.1 14.8 : 504,079 0.6 9.2
Jul 06 422,650 -0.9 8.1: 614,072 1.1 16.6 : 500,974 0.9 8.5
Jun 06 426,294 0.0 9.0: 607,100 1.5 16.4 : 496,334 1.0 8.4
May 06 426,125 2.1 9.8: 598,148 0.5 18.0 : 491,256 0.7 7.6
Apr 06 417,258 -0.5 7.6: 595,079 1.2 20.2 : 487,600 1.0 6.7
Mar 06 419,491 1.1 8.3: 587,745 2.3 18.6 : 482,900 0.9 6.0
Feb 06 415,090 -0.8 9.2: 574,322 1.1 15.3 : 478,575 0.0 5.9
Jan 06 418,485 0.4 9.9: 568,234 -0.8 14.9 : 478,608 1.2 7.0
Dec 05 416,683 1.7 11.0: 572,835 1.6 15.4 : 472,860 0.8 7.3
Nov 05 409,711 0.7 9.8: 563,554 3.0 13.4 : 469,304 0.5 6.6
Oct 05 406,903 0.5 10.3: 546,980 1.5 11.2 : 466,827 1.0 7.4
Sep 05 404,787 1.5 11.4: 539,073 0.9 9.3 : 462,324 0.2 7.4
Aug 05 398,861 2.0 10.1: 534,449 1.5 8.7 : 461,411 0.0 7.4
Jul 05 391,130 0.0 9.5: 526,765 1.0 6.9 : 461,583 0.8 8.3
Jun 05 391,171 0.8 9.7: 521,648 2.9 7.0 : 457,820 0.2 8.3
May 05 388,071 0.1 10.1: 506,868 2.4 4.3 : 456,706 0.0 9.1
Apr 05 387,625 0.1 10.0: 494,901 -0.1 2.3 : 456,878 0.3 10.1
Mar 05 387,240 1.9 9.3: 495,425 -0.5 2.7 : 455,665 0.8 10.3
Feb 05 379,951 -0.2 12.0: 497,952 0.6 4.3 : 451,939 1.0 9.9
Jan 05 380,836 1.4 12.2: 494,758 -0.3 4.0 : 447,366 1.5 9.6
Dec 04 375,496 0.6 10.0: 496,343 -0.1 3.9 : 440,697 0.1 7.9
Nov 04 373,078 1.1 9.8: 496,962 1.0 4.8 : 440,048 1.2 7.6
Oct 04 368,982 1.6 8.1: 492,038 -0.2 4.7 : 434,635 1.0 6.0
Sep 04 363,220 0.3 6.9: 493,244 0.3 6.2 : 430,452 0.2 4.9
Aug 04 362,297 1.4 9.2: 491,893 -0.2 6.0 : 429,747 0.8 4.1
Jul 04 357,137 0.2 5.8: 492,742 1.1 6.8 : 426,216 0.9 2.9
Jun 04 356,599 1.2 7.4: 487,465 0.3 5.3 : 422,564 1.0 1.2
May 04 352,370 0.0 7.4: 485,770 0.4 5.2 : 418,482 0.8 -0.4
Apr 04 352,424 -0.5 7.7: 483,837 0.3 4.9 : 414,991 0.4 -1.7
Mar 04 354,351 4.5 5.5: 482,462 1.1 4.7 : 413,188 0.5 -2.3
Feb 04 339,254 -0.1 2.0: 477,280 0.3 3.6 : 411,076 0.7 -3.3
Jan 04 339,559 -0.5 3.0: 475,897 -0.4 3.7 : 408,249 0.0 -3.1
Dec 03 341,265 0.4 5.0: 477,608 0.8 3.4 : 408,304 -0.2 -3.5
Nov 03 339,743 -0.4 3.1: 474,027 0.8 1.5 : 408,942 -0.3 -2.6
Oct 03 341,230 0.4 3.1: 470,141 1.3 -0.3 : 410,125 0.0 -2.4
Sep 03 339,779 2.4 2.9: 464,236 0.1 -2.8 : 410,318 -0.6 -2.3
Aug 03 331,713 -1.8 0.7: 463,833 0.5 -4.3 : 412,857 -0.3 -1.4
Jul 03 337,663 1.7 3.6: 461,536 -0.3 -4.6 : 414,168 -0.8 -0.8
Jun 03 332,100 1.2 1.4: 462,950 0.2 -4.4 : 417,365 -0.7 0.1
May 03 328,149 0.3 -0.2: 461,881 0.1 -6.4 : 420,236 -0.4 1.0
Apr 03 327,316 -2.5 0.7: 461,257 0.1 -7.2 : 422,041 -0.2 1.1
Mar 03 335,788 1.0 3.8: 460,615 0.0 -8.2 : 422,929 -0.5 1.2
Feb 03 332,602 0.9 3.9: 460,642 0.4 -8.7 : 425,169 0.9 1.2
Jan 03 329,672 1.4 2.6: 458,965 -0.7 -9.0 : 421,282 -0.4 -0.9
Dec 02 324,964 -1.4 0.8: 462,122 -1.0 -10.2 : 423,133 0.8 -1.2
Nov 02 329,487 -0.4 3.1: 466,839 -1.0 -10.1 : 419,927 -0.1 -3.3
Oct 02 330,948 0.2 3.2: 471,373 -1.3 -10.1 : 420,403 0.1 -4.5
Sep 02 330,331 0.3 3.0: 477,547 -1.5 -8.4 : 420,077 0.4 -5.6
Aug 02 329,305 1.1 -0.4: 484,740 0.2 -8.0 : 418,554 0.3 -6.9
Jul 02 325,855 -0.5 -0.6: 483,995 -0.1 -8.9 : 417,505 0.1 -8.1
Jun 02 327,525 -0.4 -0.9: 484,452 -1.8 -9.5 : 417,107 0.2 -9.3
May 02 328,827 1.2 -3.2: 493,400 -0.7 -8.1 : 416,209 -0.3 -10.6
Apr 02 325,085 0.5 -1.9: 496,790 -0.9 -7.9 : 417,622 0.0 -11.2
Mar 02 323,526 1.1 -4.8: 501,523 -0.6 -7.5 : 417,737 -0.6 -11.6
Feb 02 320,138 -0.4 -7.6: 504,319 -0.1 -6.9 : 420,193 -1.2 -12.0
Jan 02 321,264 -0.3 -6.4: 504,633 -1.9 -7.6 : 425,219 -0.7 -12.0
Dec 01 322,274 0.9 -7.9: 514,349 -0.9 -6.4 : 428,113 -1.4 -11.1
Nov 01 319,550 -0.3 -7.9: 519,174 -1.0 -5.3 : 434,143 -1.3 -10.0
Oct 01 320,664 0.0 -8.1: 524,522 0.6 -3.6 : 440,017 -1.1 -8.3
Sep 01 320,662 -3.0 -9.6: 521,595 -1.0 -4.4 : 444,788 -1.1 -6.9
Aug 01 330,554 0.8 -5.0: 526,959 -0.8 -2.4 : 449,772 -1.0 -5.8
Jul 01 327,846 -0.8 -6.6: 531,190 -0.7 -1.3 : 454,507 -1.2 -4.5
Jun 01 330,442 -2.7 -6.9: 535,029 -0.4 -0.5 : 459,925 -1.2 -2.9
May 01 339,654 2.5 -3.0: 536,957 -0.4 5.3 : 465,528 -1.0 -0.9
Apr 01 331,244 -2.5 -6.7: 539,206 -0.5 5.4 : 470,031 -0.5 0.1
Mar 01 339,752 -1.9 -2.4: 542,185 0.1 6.0 : 472,451 -1.1 1.3
Feb 01 346,329 0.9 1.5: 541,701 -0.8 6.3 : 477,694 -1.1 2.4
Jan 01 343,214 -1.9 -2.6: 546,064 -0.6 6.9 : 483,251 0.3 4.2
Dec 00 349,908 0.9 1.6: 549,445 0.2 8.7 : 481,673 -0.2 3.9
Nov 00 346,824 -0.6 0.8: 548,222 0.8 10.1 : 482,452 0.5 4.8
Oct 00 348,822 -1.7 2.1: 543,945 -0.4 8.9 : 480,005 0.5 5.2
Sep 00 354,838 2.0 4.7: 545,860 1.1 10.2 : 477,656 0.0 5.1
Aug 00 347,893 -0.9 2.2: 539,927 0.3 9.5 : 477,596 0.3 5.6
Jul 00 350,966 -1.2 4.9: 538,130 0.1 9.0 : 476,004 0.5 5.4
Jun 00 355,102 1.4 6.3: 537,691 5.5 9.6 : 473,759 0.8 5.4
May 00 350,320 -1.3 4.8: 509,821 -0.3 3.3 : 469,808 0.0 4.4
Apr 00 355,110 2.0 7.6: 511,526 0.0 3.2 : 469,712 0.7 4.8
Mar 00 348,281 2.1 5.7: 511,341 0.3 2.7 : 466,570 0.0 4.0
Feb 00 341,127 -3.2 2.4: 509,605 -0.2 2.5 : 466,400 0.5 4.4
Jan 00 352,341 2.3 7.4: 510,755 1.0 2.6 : 463,859 0.1 3.8
-By Rodney Christian; Dow Jones Newswires; (202) 646-1880;
csstat@dowjones.com


Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires

August 05, 2009 15:18 ET (19:18 GMT)

US Personal Income-STATS-Historical

US Personal Income-STATS-Historical

Seasonally adjusted in billions of dollars at annual rates. PCE in
current dollars. Source: U.S. Commerce Department.

-PERSONAL INCOME- -PCE- -WAGES/SALARIES-
Mo Ago Yr Ago Mo Ago Yr Ago Mo Ago Yr Ago
Level % chg% chg : Level % chg% chg : Level % chg% chg
Jun 09 11,934.9 -1.3 -3.4 : 10,019.6 0.4 -2.2 : 6,238.6 -0.4 -4.7
May 09 12,094.7 1.3 -2.2 : 9,978.2 0.1 -2.0 : 6,264.4 -0.1 -4.2
Apr 09 11,939.6 0.2 -1.8 : 9,969.2 -0.1 -1.9 : 6,271.3 -0.3 -4.0
Mar 09 11,911.2 -0.5 -2.0 : 9,978.9 -0.3 -1.5 : 6,290.7 -0.7 -3.8
Feb 09 11,966.2 -0.8 -1.4 : 10,011.3 0.4 -0.7 : 6,332.0 -1.0 -3.0
Jan 09 12,068.0 -1.1 -0.6 : 9,972.7 0.8 -1.1 : 6,394.0 -1.8 -2.1
Dec 08 12,196.6 -0.3 0.4 : 9,897.0 -1.2 -1.6 : 6,514.0 -0.6 -0.3
Nov 08 12,235.6 -0.3 1.1 : 10,013.7 -1.0 -0.3 : 6,550.2 -0.2 0.5
Oct 08 12,268.2 -0.3 1.8 : 10,118.7 -0.8 1.7 : 6,566.3 0.0 1.5
Sep 08 12,306.6 0.1 2.5 : 10,196.7 -0.3 2.9 : 6,565.1 -0.2 1.8
Aug 08 12,298.4 0.4 3.0 : 10,232.1 0.0 3.7 : 6,580.0 0.3 2.8
Jul 08 12,254.8 -0.8 3.1 : 10,231.4 -0.1 4.2 : 6,557.8 0.2 2.6
Jun 08 12,354.2 -0.1 4.2 : 10,240.2 0.6 4.7 : 6,544.7 0.0 2.5
May 08 12,361.9 1.6 4.6 : 10,183.7 0.2 4.2 : 6,541.9 0.2 2.8
Apr 08 12,162.6 0.1 3.2 : 10,160.2 0.3 4.3 : 6,531.1 -0.2 2.6
Mar 08 12,152.0 0.1 3.1 : 10,128.2 0.5 4.3 : 6,541.2 0.2 2.6
Feb 08 12,134.4 0.0 3.6 : 10,077.4 0.0 4.4 : 6,528.4 0.0 2.9
Jan 08 12,140.2 0.0 4.4 : 10,079.6 0.2 4.8 : 6,529.4 0.0 3.5
Dec 07 12,142.5 0.3 4.8 : 10,061.4 0.2 5.3 : 6,532.5 0.2 4.3
Nov 07 12,105.2 0.4 5.4 : 10,042.3 0.9 6.1 : 6,517.0 0.7 5.2
Oct 07 12,053.2 0.4 5.4 : 9,954.0 0.4 5.4 : 6,472.3 0.4 5.2
Sep 07 12,008.4 0.6 5.5 : 9,913.3 0.5 5.3 : 6,448.9 0.8 5.6
Aug 07 11,937.3 0.4 5.3 : 9,866.7 0.5 5.1 : 6,399.4 0.2 5.5
Jul 07 11,891.3 0.3 5.4 : 9,816.7 0.4 4.7 : 6,389.3 0.1 5.6
Jun 07 11,858.9 0.3 5.3 : 9,782.0 0.1 5.2 : 6,385.8 0.3 6.0
May 07 11,821.3 0.3 5.6 : 9,768.6 0.3 5.4 : 6,366.3 0.0 6.1
Apr 07 11,790.0 0.1 5.6 : 9,737.0 0.3 5.4 : 6,364.4 -0.2 5.5
Mar 07 11,782.7 0.6 6.3 : 9,707.8 0.6 5.7 : 6,376.8 0.5 6.1
Feb 07 11,709.4 0.7 6.1 : 9,653.6 0.4 5.6 : 6,343.3 0.5 5.9
Jan 07 11,628.5 6.1 6.1 : 9,613.9 5.5 5.5 : 6,310.6 6.3 6.3
-By Rodney Christian; Dow Jones Newswires; (202) 646-1880;
csstat@dowjones.com


Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day.

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August 05, 2009 14:25 ET (18:25 GMT)

PRECIOUS METALS: Comex Gold Declines On Profit-Taking

Gold futures gave back some of their recent gains on profit-taking Wednesday, falling in concert with outside markets.

December gold fell $3.30 to $964.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Everything got pushed down this morning," said Jimmy Tintle, analyst at Transworld Futures.

As gold closed, the Dow Jones Industrial Average was around 55 points lower and Nymex September crude oil was down 11 cents to $71.31 but had been as soft as $69.71.

The precious metal's pullback came one day after the December futures hit a two-month high of $972.70.

"When you get a strong four-day up move, you're going to have some kind of profit-taking at some point," Tintle said.

The pullback in gold and a number of other commodities is slightly surprising since there also was a downtick in the dollar, said Dave Meger, senior metals analyst with Alaron Trading.

"It looks like you're going through some profit-taking," he said. "After extending higher across the board in the commodities markets earlier in the day, everything is retracing."

The December futures held nearby support that Tintle put around a breakout area of $960. Technically, he said, traders will be watching Thursday to see whether the market can close above the prior day's peak. Above this, traders also will be keeping tab on a trendline through the February and June highs, which currently passes through the $980 area.

Meger put his support for December gold around $954 to $950, with resistance initially around $970, then $982-$984.

Silver continued its recent trend of outperforming gold. Silver for September delivery gained 6.5 cents to $14.76 a pound.

Silver - like platinum - has tended to outperform gold lately due to its industrial applications and ideas that the gains in equities in recent weeks may signal an improving economy, Meger said.

Meger put support for September silver around $14.45 to $14.40. Initial resistance lies around $14.80, then $15.25.

Meanwhile, October platinum rose $16.30 to $1,293.10 an ounce, while September palladium declined $1.70 to $279.20 an ounce.

Platinum posted a gain due to a combination of supply/demand factors, said a trader.

Demand appears to have picked up lately, particularly due to the popularity of the "cash for clunkers" program that has helped U.S. car sales, he said. The car industry uses platinum in catalytic converters. Meanwhile, there is a supply threat in South Africa, which provides some 70% of the world's mined platinum. Thousands of workers at the country's state-owned power company Eskom could strike early next week after rejecting a wage offer, thereby threatening electricity supplies and as a result output from the country's mining industry.

October platinum hit a $1,296.30 high that was its strongest level since June 5. And while sister metal palladium finished slightly lower, the September futures nevertheless remain technically strong, with a high of $283 that was its most muscular level since September.



Settlements (includes open-outcry and electronic trading):
London PM Gold Fix: $964.50 versus $960.50 on Tuesday
Spot gold at 1:30 p.m. ET: $964.45, down $3.30 from previous day; Range: $958.55-$967.90
August gold: $964.20, down $3.30; Range $961.10-$970.30
September silver: $14.76, up 6.5 cents; Range $14.545-$14.850
October platinum: $1,293.10, up $16.30; Range $1,261.50-$1,296.30
September palladium: $279.20, down $1.70; Range $275.30-$283



-By Allen Sykora, Dow Jones Newswires; 541-318-8765; allen.sykora@dowjones.com

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August 05, 2009 14:20 ET (18:20 GMT)

BASE METALS: Comex Copper Extends Rally On Technical Momentum

NEW YORK (Dow Jones)--Copper futures extended their 10-month high for the fourth consecutive session Wednesday on a weakening U.S. dollar, continuing economic optimism and technical buying amid the metal's strong recent advances.

September copper rose 1.65 cents to settle at $2.8120 a pound on the Comex division of the New York Mercantile Exchange. The contract extended its highest point since Oct. 1 to $2.8385.

Carryover fund buying boosted the metal, with the purchases most likely technical in nature, said Patrick Donnelly, a broker with Peak Trading Group.

Copper rose in large part on continuing technical strength, said Ralph Preston, senior market analyst with Heritage West Financial.

"This market is being guided by the momentum at the moment," Preston said. "It's acting as a forward-looking indicator for optimism on the economy."

That includes optimism about a "Cash for Clunkers" extension and hopes the Chinese economy may be stronger than previously thought, said Sterling Smith, market analyst with Country Hedging.

A lower dollar also supported the metal Wednesday, Smith said, adding that price charts also look strong.

"We have a very good technical picture," he said.

The metal has been underpinned by U.S. dollar weakness and constructive U.S. and Chinese economic data in recent days, a trader said.

Shortly after copper closed, the ICE Futures U.S. dollar index was down more than 0.27%.

New investment-type money has entered the market lately, the trader said.

"I'm not sure if we can stay at this level. We might see a correction," he said. "But the sentiment is certainly bullish at the moment."

Inventories of copper stored in London Metal Exchange warehouses fell 800 metric tons Wednesday, leaving them at 285,100. The most recent Comex inventory data, released late Tuesday afternoon, were down 166 short tons at 54,580 short tons.


Copper settlements (ranges include electronic and pit trading):
Aug $2.8065; up 1.75 cents; Range $2.7900-$2.8300
Sep $2.8120; up 1.65 cents; Range $2.7490-$2.8385


-By Matt Whittaker, Dow Jones Newswires; 212-416-2139; matt.whittaker@dowjones.com

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August 05, 2009 13:46 ET (17:46 GMT)

CME Live Cattle Turn Flat-Firm On Shorts, Spreads

CME Live Cattle Turn Flat-Firm On Shorts, Spreads

1320 EDT [Dow Jones] - CME live cattle are flat to firm on short-covering, and Aug/Oct bull spreads. Spreaders also buy Dec and Feb and sell Oct. Aug and Oct also return above previously lost technical levels which triggered buy stops. Aug is up 2 points at 84.10 cents a pound, and Oct is down 12 points at 89.60 cents. Feeder cattle are firm on live cattle's rebound from morning lows and buy stops. Aug is up 25 points at 101.20 cents, Sep is up 37 points at 101.45 cents. (TWA)

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August 05, 2009 13:21 ET (17:21 GMT)


Expanding Crop Estimates Weigh On CBOT Soy

1332 EDT [Dow Jones] - Expanding crop expectations are weighing on CBOT soybean futures after Informa issued bearish production and yield forecasts, a floor analyst says. The firm's forecasts put the final estimate for soybean production at 3.322 billion, with an average yield of 43.5 bushels, traders say. It estimated the USDA next week will peg production at 3.177 billion, with an average yield of 41.6 bushels, they say. The market continues to keep an eye on forecasts for hotter weather expected to hit the Midwest this weekend because the soybean crop is made in August, an analyst says. Old-crop soybeans are down harder, while the new crop is recovering, traders say. Commodity funds sold an estimated 2,000 contracts. Sep soybeans are 13 1/2 cents lower at $10.70 a bushel, and Nov soybeans are 1 1/2 cents higher at $10.33. (TGP)

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August 05, 2009 13:32 ET (17:32 GMT)

US Cash Hogs Midday: Weak To $2 Lower; Too Many Hogs Available

KANSAS CITY (Dow Jones)-- The Midwest direct hog markets at midweek are trading weak to as much as $2 per hundredweight lower, pressured by slaughter-ready supplies that are too large for packers to absorb at the current processing rates.

Analysts and livestock dealers said all plants appear to be full for this week and into the first half of next week. Some plants are said to be nearly full for all of next week. Larger supplies of contracted hogs, along with excellent growing conditions for the animals during July, have resulted in more animals available for slaughter.

"Weekly slaughter figures will have to move up to in excess of 2.1 million head on a consistent basis for packers to catch up with the supplies, but that will mean more downward pressure on prices," said a veteran livestock trader.

Livestock dealers and market managers said the arrival of warmer temperatures this weekend and into next week may slow daily weight gains some and allow producers to become more current on marketings. That could relieve some of the supply pressure but not for long, they said, because cooler nighttime temperatures normally arrive in the upper Midwest by the second half of August, so the hogs will eat more then and gain weight.

Opinions for prices Thursday are mostly lower.

Projections for Saturday's slaughter remain mostly from 70,000 to 75,000 head. The week's total is on pace to be around 2.075 million head.

The terminal markets are trading steady to lower with top prices ranging from $33 to $36 on a live basis.

-By Curt Thacker, Dow Jones Newswires; 913-322-5178; curt.thacker@dowjones.com

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August 05, 2009 13:09 ET (17:09 GMT)

CBOT Corn Stumbles On Bearish Crop Projection

CBOT Corn Stumbles On Bearish Crop Projection

1305 EDT [Dow Jones] - CBOT corn futures have stumbled following bearish production estimates from Informa, traders and analysts say. Informa projects a final crop of 12.991 billion bushels, with a yield of 164 bushels per acre, according to traders. The report prompted a slide that was accelerated by technical selling, a trader says. John Kleist, broker/analyst for Allendale, adds that the threat from hot weather entering the U.S. corn belt has been overblown. "It's August. It's going to get hot," Kleist says. He adds that Tuesday's rally came amid a drop in open interest of about 10,000 contracts, which "doesn't look like index funds coming in." Funds have sold an estimated 6,000 contracts. Sep corn is down 12 1/4 cents to $3.42 1/4 per bushel and Dec corn is down 13 1/4 cents $3.52 1/2. (IPB)

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August 05, 2009 13:06 ET (17:06 GMT)

Most CME Hogs Still Down But Up From Lows

Most CME Hogs Still Down But Up From Lows

1259 EDT [Dow Jones] - CME hogs remain in primarily bearish territory amid cash hog price pressure. Also, funds and commercials continue to pound deferred contracts. However, short covering and speculative buying separate front months from new contract lows. And, Oct surfaced above positive territory due to bull spreads. Aug is down 47 points at 53.50 cents a pound, and Oct is up 27 points at 50.40 cents. Pork bellies turn mostly higher on short covering and buy stops. Also, Tuesday's CME weekly belly storage results were considered bullish for futures. Aug is unquoted. Feb is 100 points higher at 81.00 cents, and March is 80 points higher at 80.30 cents. (TWA)

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August 05, 2009 13:01 ET (17:01 GMT)

US Wheat Falls On Corn, Soy Spillover Selling

1303 EDT [Dow Jones] - U.S. wheat futures are sharply lower and near session lows on pressure from weak CBOT corn and soybeans, traders say. "I still think as the corn goes, so will the wheat," a broker says. Corn and soybeans dropped after private analytical firm Informa Economics issued big final production and yield estimates, traders say. The forecasts topped another set of numbers Informa issued as estimates for the USDA's Aug. 12 crop report, they say. Wheat has been a follower of the neighboring markets lately and selling spilled over from the row crops, traders say. Large global wheat supplies and lackluster export demand continue to hang over the markets, an analyst says. CBOT Sep wheat is down 17 1/4 cents at $5.25 a bushel, KCBT Sep wheat is down 20 cents at $5.53, and MGE Sep wheat is down 19 1/4 cents at $6.00 3/4. (TGP)

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August 05, 2009 13:03 ET (17:03 GMT)


Copyright 2009 Dow Jones & Company, Inc.

US Cash Cattle Midday: Scattered Trades Emerging

KANSAS CITY (Dow Jones)--A few small fed cattle trades were reported in the Plains and western Midwest Wednesday morning, but rumors of more action continued to circulate.

The U.S. Department of Agriculture reported cattle trading on a packer's grid in Iowa on Tuesday at $131 per hundredweight for choice on a dressed basis, but there were reports of some trading at $129 dressed Tuesday as well. However, some packers were bidding $130 in this same area Wednesday morning, analysts and brokers said.

Fewer than 1,000 head of Texas cattle likely went to a major firm Wednesday morning at $81 on a live basis, traders said. There are rumors of larger numbers being traded, but they could not be confirmed.

Bids generally ranged from $80 to $81 live and $130 dressed. Asking levels range from $84 to $85 live.

Cattle sold last week at $82 on a live basis and at $131 to $132 on a dressed basis.

The USDA at midday reported its choice boxed beef cutout price at $140.99 per hundredweight, down $1.65, while select beef was off $0.42 at $135.28. The volume of fabricated loads was 205 and there were 72 loads of trimmings and coarse grind product reported.

Urner Barry's Yellow Sheet at midday said discounts for quick-shipping orders appeared to be common. Middle meats remained the foremost issue for beef processors, with select ribs and choice and select loin meat seen at reduced prices. End cuts were steady to slightly lower, although there was some export interest for end cuts. Slight discounts for ground beef emerged Wednesday.

-By Lester Aldrich, Dow Jones Newswires; 913-322-5179; lester.aldrich@dowjones.com

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August 05, 2009 12:47 ET (16:47 GMT)

Soybean Basis Firms On US Gulf Export Market

Soybean Basis Firms On US Gulf Export Market

1232 EDT [Dow Jones]-Export markets were quiet at the Louisiana Gulf Wednesday, with cash basis holding completely steady for all commodities except soybeans, where CIF bids at some ports rose by up to 2 cents a bushel. "Chinese demand keeps growing, with heavy purchases again last week. It's anybody's guess right now just tight old-crop [soybean] supplies are," said Bryce Knorr of Farm Futures. US grain futures were weaker Wednesday, recording cash-contract declines of around 10 cents for corn, soybeans and wheat at midsession. "Weather on net is beneficial - hot weather is on the way, but we need some heat to catch up on deficit growing degree days," said MF Global's Rich Feltes. "Yesterday's rains exceeded expectations in eastern Midwest, while the entire Midwest is slated for 85% coverage through Sunday." (GLW)

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August 05, 2009 12:33 ET (16:33 GMT)

ICE Canola Down On Profit-Taking/CBOT Soyoil Losses

ICE Canola Down On Profit-Taking/CBOT Soyoil Losses

WINNIPEG (Dow Jones)--Canola contracts on the ICE Futures Canada platform were trading at lower price levels with profit-taking after strong gains on Tuesday and the downturn in CBOT soyoil linked to the declines, market watchers said.

Activity remained on the light side with volumes confined to the nearby November, January and March contracts.

Sentiment that the advances seen Tuesday were overdone and in need of a downward correction helped to weigh on canola, brokers said.

A drop off in exporter demand also resulted in canola values experiencing some weakness. There were indications China had been seeking quantities of Canadian canola earlier in the week, but no confirmation of any sales was available, brokers said.

The upside in canola was also tempered by the mainly favorable growing conditions for North American crops.

The losses in canola were being limited by the uncertain growing conditions in western Canada and the possibility of an early frost. The reluctance of producers to deliver canola into the cash pipeline was also helping to slow the price drop, brokers said.

Gains overnight in Malaysian palm oil futures contributed some minor support to canola with small gains in CBOT soybean futures also an underpinning price influence.

The Canadian dollar was trading at a slightly weaker level Wednesday, but the currency's move was having little overall impact on canola's price direction.

There were an estimated 2,231 canola contracts traded at 11:32 a.m. CDT. Of the contracts traded, 508 were spread related.

Western barley futures were unchanged and untraded.

There were no western barley futures traded as of 10:32 a.m. CDT.

Prices in Canadian dollars per metric ton at 10:32 a.m. CDT:


Price Change
Canola
Nov 431.70 dn 3.60
Jan 437.00 dn 3.00
Mar 438.20 dn 5.80
Western Barley
Oct 152.90 unchanged
Nov 172.00 unchanged


-By Dwayne Klassen, contributing to Dow Jones Newswires; (204)- 947-1700; resnews@shawbiz.ca

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August 05, 2009 12:00 ET (16:00 GMT)