Country Hedging News
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Drought damage to corn and soybean fields in the U.S., the world’s top grower and exporter, is eroding supplies of the nation’s two largest crops to below year-earlier consumption levels for the first time since 1974.
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Orange-juice futures surged to a record on mounting concern that U.S. supplies may be reduced by citrus-greening disease in Texas and a slowdown in imports as the government tests for a banned fungicide.
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Gold fell to a 19-week low as the dollar rose after Greek Pasok party leader Evangelos Venizelos said new elections will be held after attempts to form a government failed, curbing demand for the precious metal.
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Gold futures advanced from a one- week low as the dollar declined, increasing demand for the metal as an alternative investment.
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Orange-juice futures rose the most in a week on mounting concern that production will decline in the U.S. while a government probe slows imports. Cotton prices dropped.
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U.S. soybean inventories before this year’s harvest will be 20 percent larger than forecast a month ago, more than analysts expected, because of falling global demand for American supplies and a bigger domestic crop, the government said.
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Cotton futures jumped the most in nine months after India, the world’s second-biggest exporter, banned more shipments to ensure domestic supplies.
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Record cotton crops from India to Brazil are exceeding demand by the most in more than two decades, driving prices lower for Gap Inc. and Abercrombie & Fitch Co.
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Gold futures rose as mounting European debt woes and the dollar’s drop spurred demand for the metal as an alternative asset.
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Gold futures climbed for the second straight day amid a commodity rally after the dollar’s drop boosted the appeal of raw materials as alternative investments.
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