Peter McGuire News
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Indian companies, which sold the least rupee bonds for five quarters this year, are favoring sales of shorter-dated debt betting interest rates have almost peaked, according to the nation’s top-ranked underwriter.
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India may buy 26.3 million metric tons of wheat from local farmers in the year starting April 1, Food Minister K.V. Thomas said yesterday.
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Gold, little changed, may gain after climbing to a record yesterday as the Federal Reserve said it was willing to ease monetary policy further to boost the U.S. economy, sending the dollar to a six-week low.
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Corn futures slumped in Chicago for a sixth day, the longest losing streak since March, on speculation drier weather in the Midwest will boost crop development in the U.S., the world’s largest exporter.
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Oil climbed as U.S. jobless claims fell, Japan boosted its estimate of economic growth, and China increased imports of crude, signaling improved prospects for fuel demand in the biggest energy consuming nations.
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Russia’s worst drought in at least 50 years, which already drove wheat prices to the biggest jump since 1973, shows no signs of easing and now threatens sowing plans for winter grains, the national weather center said.
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Corn advanced for the first time in four sessions after a drop to the lowest price in three weeks spurred buying interest and on speculation that China will boost imports as cold weather threatens to damage crops.
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Oil declined, headed for a weekly drop, amid forecasts that a U.S. government report will probably show the jobless rate rose in August for the first time in four months, signaling a recovery in fuel demand may falter.
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Wheat headed for the biggest weekly gain in half a century on concern other countries may follow an export ban by Russia, and may reach $10 a bushel, a price not seen since the global food crisis in 2008.
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Wheat futures may surge to $10 a bushel on concern that Ukraine and Kazakhstan, the second- and third-largest exporters in the former Soviet Union, will follow Russia in banning exports, according to CWA Global Markets Pty.
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