Sal Gilbertie News
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Investors increased wagers on a commodity rally by the most in eight months as signs of a U.S. economic recovery bolstered the outlook for demand and drove rallies in crude oil, cotton, copper and gold.
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The global wheat market has the least clarity in five years on South America’s biggest crop as Argentine growers hit by adverse weather say the government is exaggerating harvest estimates to contain price increases.
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Wheat futures tumbled the most this month and corn fell after the U.S. government boosted its estimates for global stockpiles, signaling increased supplies for makers of food, animal feed and ethanol.
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Corn rose to the highest price this month after the government said U.S. stockpiles will be smaller than expected, heightening concern that costs for food and fuel will climb. Soybean prices also gained.
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Corn rose the most allowed by the Chicago Board of Trade as concerns mounted that food costs will climb after the latest U.S. government forecasts on supplies and acreage. Soybeans and wheat also jumped.
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Oil rose the most in almost four weeks on speculation that supplies from the Persian Gulf would be disrupted after a report that Iran will hold drills to practice closing the Strait of Hormuz.
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Three consecutive years of smaller U.S. corn harvests are driving inventories of the world’s most- consumed grain to a 39-year low and spurring Goldman Sachs Group Inc. to predict that prices will rise near record highs.
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Soybeans declined, capping the first weekly drop in three weeks, on speculation that rain will improve crop development in Brazil and restore soil moisture in Argentina. Corn was unchanged.
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Corn futures fell from a six-week high, and wheat and soybeans slid on speculation that U.S. grain inventories will be sufficient as Europe’s faltering economy erodes demand.
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Corn surged to the highest price since September and soybeans reached a four-year high after the U.S. cut its production forecasts because of the worst drought since 1988. Wheat extended this year’s rally.
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