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Energy & Agricultural Markets Show Weakness

July 7, 2014 at 22:32 by Vladimir Vyun

Crude oil fell today on speculations that supply from Libya will increase. The government took control of the Es Sider and Ras Lanuf ports, which previously were under control of insurgents, and official signaled that 7.5 million of barrels are ready for export. Prices were also retreating as risk premium were waning as concerns about supply from Iraq was waning. August futures for delivery of WTI crude declined 0.5 percent to $103.53 per barrel on NYMEX today. Brent grade of oil lost 0.62 percent to $109.95 per barrel as of 22:20 GMT on ICE.

Most agricultural commodities, including corn, soybeans and wheat, dropped today due to weather forecasts in the United States. Forecasters predict cooler temperatures and rains that should help plants. It is expected that Midwest farmers will be able to gather a record harvest of corn for a second consecutive year. Futures for delivery of corn in December dropped 2.17 percent to $4.0625 per bushel on CBoT today. November contract for soybeans lost 0.71 percent to $11.2550 per bushel. September wheat sank 3.93 percent to $5.5675 per bushel.

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

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