Wednesday, 19 June 2013 12:21
Posted by Shoaib-ur-Rehman Siddiqui
SYDNEY: US corn dropped on Wednesday as traders booked profits after a sharp two-day rally, while worries about the Federal Reserve's next policy step also dragged on prices.Wheat fell in line with corn, while soybeans were little changed, drawing support from delays to new-crop plantings."The US dollar is higher, that is weighing on the broader complex ahead of the Fed announcement," said Luke Mathews, commodities strategist at the Commonwealth Bank of Australia.The dollar was a shade firmer against a basket of currencies , making commodities priced in the greenback expensive for holders of other currencies. All eyes are now on the Fed's two-day meeting that ends on Wednesday with a policy statement and a news conference by Chairman Ben Bernanke.Worries over the fate of the Fed's bond-buying programme has roiled markets, but most economists do not expect it to scale back purchases from their current $85 billion monthly pace.Chicago Board ...
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SYDNEY: US corn dropped on Wednesday as traders booked profits after a sharp two-day rally, while worries about the Federal Reserve's next policy step also dragged on prices.Wheat fell in line with corn, while soybeans were little changed, drawing support from delays to new-crop plantings."The US dollar is higher, that is weighing on the broader complex ahead of the Fed announcement," said Luke Mathews, commodities strategist at the Commonwealth Bank of Australia.The dollar was a shade firmer against a basket of currencies , making commodities priced in the greenback expensive for holders of other currencies. All eyes are now on the Fed's two-day meeting that ends on Wednesday with a policy statement and a news conference by Chairman Ben Bernanke.Worries over the fate of the Fed's bond-buying programme has roiled markets, but most economists do not expect it to scale back purchases from their current $85 billion monthly pace.Chicago Board ...
TORONTO: Canada's main stock index retreated on Friday, ending its third-straight losing week as financials and materials stocks led a broad selloff.Bank shares were the biggest drag on the index as investors digested US economic data and fretted about a possible rollback in central bank stimulus programs.The index fell following a sharp jump in the previous session and remained firmly in the red for the year.The Toronto Stock Exchange's S&P/TSX composite index ended down 89.77 ...
TOKYO: Tokyo stocks jumped 2.05 percent on Tuesday as the dollar gained on the yen in afternoon trading with the market also lifted by expectations of more policy easing by the Bank of Japan.The benchmark Nikkei 225 index, which has lost 15 percent in the past 10 days, closed 271.94 points higher on 13,533.76, while the Topix index of all first-section shares was up 2.60 percent, or 28.52 points, at 1,125.47.Copyright AFP (Agence France-Presse), 2013 ...
HONG KONG: China's Shuanghui Group has agreed to buy Smithfield Foods for around $5 billion in cash, a person with knowledge of the matter told Reuters on Wednesday.Privately owned Shuanghui plans to fund the acquisition using debt, the person added, using both Chinese and foreign bank funding.China is the world's biggest producer and consumer of pork and the third-largest market for US pork. In recent months, a series of food safety scandals have dented consumer ...
SYDNEY: US soybeans rose for a seventh straight session on Friday as the oilseed closed in on its biggest two-week gain in nearly nine months as tight old-crop stocks and continued strong demand underpinned gains.Corn edged lower for the first time in three sessions, while wheat held steady after surging more than 2 percent in the previous session.Chicago Board of Trade July soybeans rose 0.33 percent to $15.04-1/2 a bushel, having closed up 0.35 percent ...
CHICAGO: Chicago Board of Trade corn and soybean price spreads reached multi-month highs on Monday as razor thin supplies at country elevators and processors forced traders to cover short positions before May contracts expire.The front-month Chicago Board of Trade May corn contract rallied to a premium of 57-1/2 cents compared with the July contract, the biggest inverse in the market since Jan. 8. The premium for CBOT May soybeans peaked at $1.44 higher than CBOT ...
CHICAGO: Chicago Mercantile Exchange (CME) feeder cattle futures rose on Friday, led higher by deferred contracts, on expectations for lower cattle feed costs following a government forecast for a big build in corn supplies, traders and analysts said.The US Department of Agriculture (USDA), in its May supply and demand report released on Friday, forecast a 164 percent increase in the supply of corn next year in the United States due to an expected record crop ...
