Metals – Market Recap – Oct 12,2009

Bloomberg (Reported 10.12.09):
“Oct. 12 (Bloomberg) -- Gold, little changed in London today, may decline as the dollar advanced against global currencies and some investors sold after the metal’s jump to a record last week.

The Dollar Index, a six-currency gauge of the greenback’s value, strengthened for a second day, as traders judged the measure’s drop to an almost 14-month low on Oct. 8 was overdone amid speculation the Federal Reserve will withdraw stimulus measures. Bullion reached an all-time high of $1,061.55 an ounce on Oct. 8 and has advanced 19 percent this year. ” Gold May Fall as Rally to Record, Stronger Dollar Spur Sales

Reuters (Reported 10.12.09):
“SINGAPORE, Oct 12 (Reuters) - Gold edged up near last week's record high on Monday but the dollar's rebound as well as worries about falling jewellery demand in main consumer India were seen likely to limit gains.
Gold gained nearly 5 percent last week as dollar weakness pushed gold to a series of record highs. Bullion, which attracts safe-haven buying in times of uncertainties, had its best weekly performance in nearly half a year.” PRECIOUS-Gold ticks higher near record, firm dollar weighs

Wall Street Journal (Reported 10.12.09):
“Shares of Zhongjin Gold, Shandong Gold-Mining, Jiangxi Copper, Yunnan Copper, Aluminum Corp. of China and Tongling Nonferrous Metals Group all jumped by their daily 10% limit during the session. In Hong Kong, shares of Aluminum Corp. of China rose 0.2% and Jiangxi Copper fell 1.2%.

Spot gold was recently down $9.60 from New York levels to $1,045.30 after a string of recent gains. UBS analyst Jo Battershill noted that prices at current levels did not look sustainable due to poor fundamentals and flagging demand for jewelry, which comprise 60%-70% of demand for the metal.” Resources Lead; China Surges

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Ags – Midday Report – Oct 9,2009

BEARISH USDA DATA WEIGHS ON WHEAT FUTURES
Kansas City wheat futures traded lower this morning, pressured by bearish data from the USDA supply and demand reports, according to traders.  Aggressive cuts to usage led to a large increase in wheat carryout, traders said.  U.S. wheat went from 743 million bushels in September to 864 this month.  Exports were cut by 50 million bushels and production was raised, traders said, also lending to the bearish stocks number.  A firmer U.S. dollar also weighed on wheat prices through.
KC Dec wheat was 8 1/4 cents lower at $4.81 1/2 at midday.
CASH GRAIN: Not a lot of cars around and a the basis has a firmer tone, traders said.
:KCBT wheat volume/open interest for October 7
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09       13610       1457          58071          -97
Mar-10          2213           45          23770       +607
May-10           259             0             4935            -4
Jul-10           1100             0            18741      +300
Sep-10              31             0             1166            +5
Dec-10          1077             0           17032       +244
Mar-11                2              0                10             -2
May-11                0             0                   0            +0
Jul-11                28             0              287           +21
Sep-11               0               0                 0             +0
Dec-11               0               0                  0            +0
TOTAL        18320      1502        124012       +1074

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Metals – Market Recap – Oct 9,2009

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Bloomberg (Reported 10.9.09):
“Oct. 9 (Bloomberg) -- Gold dropped in London for the first time this week, paring its biggest weekly advance since April, as a stronger dollar cut demand and some investors sold the metal to lock in gains from its climb to a record.

The U.S. Dollar Index rose as much as 0.5 percent after Federal Reserve Chairman Ben S. Bernanke said the central bank is ready to “tighten” monetary policy. Still, gold is up 4.3 percent this week, headed for its biggest weekly gain since April 24, and the dollar index, which measures the greenback against six currencies, is down 0.9 percent. ” Gold Pares Weekly Gain as Rally, Stronger Dollar Spur Sales

Reuters (Reported 10.9.09):
“BEIJING/SHANGHAI (Reuters) - Gold might be a luxury most can live without when times are hard, but for cautious investors in China, the world's top producer and consumer of bullion, it has become a matter of necessity.

Jewelry sales might take a hit in China after prices hit a record high of $1,043.45 an ounce on Tuesday, but amid ongoing economic uncertainty, many in the financial community still prefer bullion to bonds, analysts said in comments made before the record was struck.” China's gold investors undeterred by high prices

Wall Street Journal (Reported 10.9.09):
“What was once one of the surest bets in energy markets has rapidly turned into a money-losing trade.

Banks, refiners and oil-trading companies early in 2009 socked away large quantities of oil, including as much as 100 million barrels onto tankers at sea. The global economic downturn had cut into oil demand and created a surplus, allowing anyone willing and able to store the extra crude to charge a premium.” Gold Prices Extend Record Gains

Ags – Midday Report – Oct 8,2009

DECENT EXPORT SALES IN WHEAT FUTURES
Several factors contributed to stronger trade in Kansas City wheat futures this morning, including decent export sales reports and Iraq's purchase of at least 200,000 metric tonnes of U.S. wheat, according to traders.  Export sales were estimated at 767,300 metric tonnes, better that in recent weeks, traders said.  In other export news, Saudi Arabia is also tendering for 550,000 metric tonnes of optional origin wheat.  The U.S. dollar was trading weaker this morning, supporting strength in crude oil and gold, traders said. Outside markets sustained the strength in Kansas City. 
KC Dec wheat was 13 3/4 cents higher at $4.94 at midday.

CASH GRAIN: There are fewer cars around today, creating a steady tone in the basis, traders said.  There were some stronger trades in 13.0 to 13.4 protein levels last night, traders added.
:KCBT wheat volume/open interest for October 7
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09         6943         902         58168         +116
Mar-10          1547            0          23163         +229
May-10           367             0            4939           +51
Jul-10             553             0          18441            -15
Sep-10             45             0             1161          +12
Dec-10           273             0           16788           -18
Mar-11              10             0                12             +6
May-11               0              0                 0              +0
Jul-11                  2             0              266             +1
Sep-11               0              0                  0             +0
Dec-11                0            0                   0             +0
TOTAL         9740         902        122938        +382

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Metals – Market Recap – Oct 8,2009

Bloomberg (Reported 10.8.09):
“Oct. 8 (Bloomberg) -- Gold gained to a record for a third day in London and New York as demand increased on a weakening dollar and concern that inflation will accelerate.

Bullion will probably top $2,000 an ounce in the next decade, according to investor Jim Rogers. The U.S. Dollar Index, a six-currency gauge of the greenback’s value, slipped to a two- week low as signs of a global economic recovery boosted demand for higher-yielding assets. The measure has shed 6.5 percent this year as bullion heads for a ninth annual gain. Silver and palladium rose to the highest prices in more than a year.” Gold Rises to Record for Third Day on Dollar, Inflation Outlook

Reuters (Reported 10.8.09):
“TOKYO, Oct 8 (Reuters) - Spot gold topped $1,050 per ounce to mark a record high for the third session in a row on Thursday as the dollar's continued struggle made the precious metal more attractive to investors.
Bullion has gained about 20 percent this year, helped by the dollar's weakness and inflation worries after central banks and governments across the globe poured money into the financial system to help stimulate the economy.” RPT-PRECIOUS-Spot gold hits record above $1,050

Wall Street Journal (Reported 10.8.09):
“Gold prices extended their record gains as speculative and investment buying continued for a second day, drawn to the metal mostly due to weakness in the dollar.

Nearby but lightly traded October gold settled $4.70 higher, or 0.5%, to a closing record of $1,043.30 a troy ounce on the Comex division of the New York Mercantile Exchange. It hit a spot-month record of $1,048.20.” Gold Extends Record: $1,043.30

Ags – Midday Report – Oct 7,2009

C WHEAT BACKS OFF OF RECENT RALLY
Kansas City wheat futures traded quietly lower this morning, backing off of the run-up seen early this week, according to traders.  The market opened higher, but dragged lower with weakness in outside markets, traders said.  Corn and soybean futures were also trading lower today.  The U.S. dollar was firmer, and crude oil was trading lower this morning. 
In other news, Saudi Arabia announced a tender for 550,000 metric tonnes of wheat, optional origin, and for delivery between December and February, traders said.

KC Dec wheat was 3 1/4 cents lower at $4.72 1/4 at midday.

CASH GRAIN:  There are a lot of cars around, lending a weaker tone to the basis, traders said. 
:KCBT wheat volume/open interest for October 6
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Dec-09       11248       1096         58052        -2328
Mar-10         2767              0          22934      +1003
May-10           628              0            4888           +31
Jul-10           1288              0          18456        +186
Sep-10           118              0           1149           +11
Dec-10         1135              0        16806            +61
Mar-11                2              0                6               +2
May-11                0              0                 0              +0
Jul-11                26              0            265            +12
Sep-11                0              0                  0              +0
Dec-11                 0             0                   0             +0
TOTAL         17212        1096      122556       -1022

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