Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities

Archives

Decline of Corn, Soybeans, Coffee, Gold

October 20, 2009 at 21:50 by Vladimir Vyun

Corn and soybeans slid as a dry weather helps farmers to speed up harvesting in the U.S. Midwest. Rain will return today to western parts of the region and will be moving slowly to the east. As of October 18th, farmers harvested 17 percent of corn and 30 percent of soybean crops, less than half of the average in the previous five years. December delivery for corn futures slumped $0.0425 (1.1 percent) to $3.82 per bushel at 10:33 on CBoT. November delivery for soybean futures fell $0.1025 (1 percent) to $9.86 per bushel.

Coffee futures slumped to the lowest in three weeks after prices jumped to a 13-month high yesterday. Before today, prices increase 13 percent in October as the weakening dollar increased the attractiveness of commodities as an alternative investment. December delivery for Arabica-coffee futures slid $0.0295 (2 percent) to $1.413 per pound as of 10:48 on ICE.

Gold prices dropped as the rebounding dollar decreased the attractiveness of the precious metal as an inflation hedge. Yet some analysts said that a declining price may present a buying opportunity, encouraging traders to buy gold to preserve purchasing power in case of a future inflation. December delivery for gold futures dropped $1.60 (0.2 percent) to $1,056.50 per ounce by 12:31 on the Comex division of the New York Mercantile Exchange.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply

required
required  

Navigation

Menu