08292016Mon
Last update: Mon, 29 Aug 2016 12pm

Markets - Commodities

Markets - Commodities - Australia

Wheat drops for 6th session on ample supplies; Egypt demand eyed SYDNEY: US wheat fell for a sixth consecutive session and hovered near a three-week low on Monday, as ample global stocks and a regulatory clamp-down from the world's largest buyer of the grain dragged on prices.Egypt, the world's biggest wheat importer, reinstated on Sunday a controversial ban on wheat shipments containing even the slightest amount of a common grain fungus ergot, baffling traders who had returned to the Egyptian market just last month when the ban was lifted."The market is bemused as to where Egypt expects to find millions of tonnes of ergot-free wheat," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia. "The market though has lots of wheat with traces of ergot that it might have sold to Egypt."The most active wheat futures contract on the Chicago Board Of Trade fell 0.5 percent to $4.05-1/2 a bushel, having closed down 3.8 percent on Friday when prices ...

Markets - Commodities - Asia

Palm edges up on weaker ringgit; lower crude caps gains KUALA LUMPUR: Malaysian palm oil futures rose slightly in early trade on Monday, supported by a weaker ringgit, but rises are seen capped by lower crude oil prices.A weaker ringgit, the trade currency for palm oil, usually lends support to prices of the tropical oil as it makes it cheaper for foreign currency holders.The ringgit weakened 0.5 percent against the dollar around noon to reach 4.0345.Benchmark palm oil futures for November on the Bursa Malaysia ...

Markets - Commodities - Asia

NY sugar neutral in 20.35-20.76 cents range SINGAPORE: New York Oct. sugar looks neutral in a range of 20.35-20.76 cents per lb, and an escape could point a direction.These supports are identified as the 23.6 percent and the 7 percent Fibonacci projection levels, respectively, of a downward wave C, as the third wave of a presumed three-wave cycle from the June 30 high of 21.22 cents.A break below 20.35 cents could see a drop to 19.98 cents, while a break above 20.76 ...

Markets - Commodities - Asia

NY coffee remains neutral in $1.4250-$1.4540 range SINGAPORE: New York Dec. coffee remains neutral in a range of $1.4250-$1.4540 per lb, and an escape could point a direction.The range is formed by the 23.6 percent and the 38.2 percent Fibonacci retracements of the downtrend from the July 15 high of $1.5765 to the Aug. 17 low of $1.3785.A break above $1.4540 could lead to a gain to $1.4775, a key resistance provided by the 50 percent retracement, while a break below $1.4250 ...

Markets - Commodities - Europe

Raw sugar remains range-bound, coffee prices climb LONDON: Raw sugar futures were little changed on Friday as the market remained caught between abundant short-term supplies and a tighter medium-term outlook, while arabica coffee rose on concerns about the outlook for next year's crop in Brazil. October raws were flat at 20.55 cents a lb by 1350 GMT as prices continued to move between solid support at 19.50 cents and resistance around 21 cents. That range has held for more than three weeks."The ...

Markets - Commodities - Americas

US Cash Grains-Corn bids unchanged; soy steady to mostly higher CHICAGO: Spot basis bids on Friday at elevators and processors around the Midwest were unchanged for corn and steady to generally higher for soybeans, grain merchandisers said.Steady corn bids reflect a rangebound futures market awaiting US harvest estimates from the Pro Farmer newsletter after its four-day annual crop tour.Soybean bids were underpinned by increased demand for product, stirred by dwindling old-crop supplies and robust export demand.Bids for corn at river terminals were steady to down ...

Markets - Commodities - Europe

Gold edges off 4-week low ahead of Yellen speech LONDON: Gold edged higher on Friday as markets braced for a speech by Federal Reserve chair Janet Yellen later in the session, which is being closely watched for clues on the direction of US interest rates.Yellen is scheduled to address a meeting of central bankers in Jackson Hole, Wyoming, at 1400 GMT. Top Fed officials have pushed the case for a rate hike in the past week, citing improvement in US data.Gold is highly sensitive ...