Mark Schultz News
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Hog futures rose on speculation that demand for pork is increasing in the U.S. Cattle prices advanced.
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A two-month rally in corn futures probably will extend into June as prices break resistance from the March highs this week, according to Northstar Commodity Investment Co.
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Pork inventories in the U.S. increased 5.93 percent at the end of April from a year earlier, reaching a record high, the government said.
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Hog futures climbed for the third straight session on speculation that record-high U.S. beef prices will encourage consumers to switch to cheaper pork. Cattle declined.
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Corn capped the longest slump in more than a month and wheat fell to a six-week low on signs that warm, dry weather will allow U.S. farmers to accelerate planting delayed by a cold, wet April. Soybeans rose.
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Cattle futures fell to the lowest in almost two weeks on signs of easing demand for U.S. beef amid increasing supplies. Hog prices rose.
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CME Group Inc., owner of the world’s largest grain market, is set to cut trading hours next week as the exchange backs off expanded access that customers complained was too long and eroded market liquidity.
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Hog futures fell from the highest since July on speculation that the outlook for cooler weather later this week in the U.S. Midwest will slow demand for pork. Cattle gained.
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Commodities may be headed for their biggest weekly gain since October if a benchmark index closes above its moving average, sending prices to a six-week high, said Mark Schultz at Northstar Commodity Investments LLC.
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Corn supplies in the U.S., the biggest grower, are shrinking at the fastest pace in almost four decades as improving demand from ethanol refiners drains reserves already diminished by drought.
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