Summer Said and Selina Williams wrote in The Wall Street Journal about the Saudis tapping into their oil stockpile to meet domestic demand. The statistical highlights were the lowest inventory since August, 2014 and a drop of 12% since October of last year to 289 million barrels.
Intercontinental Exchange (ICE) Raw sugar futures moved slightly higher after successive rallies in the two previous sessions, which saw the sweetener near last week's 2012 high. March raws were up 0.06 cent, or 0.3 percent, at 23.53 cents per lb, extending a 1.4 percent rise on Tuesday.
New York Mercantile Exchange (COMEX) Gold prices fell for the second straight day and hit a one-week low on Wednesday, pressured by earlier strength in the United States dollar and as investors assessed Federal Reserve Chair Janet Yellen's testimony before a congressional committee.
New York Mercantile Exchange (NYMEX) Oil prices dipped on Wednesday as data showing a large build in United States gasoline inventories prompted a selloff that killed an early rally on a surprise drop in United States crude stockpiles for a fourth straight week.
Foreign Exchange Market (Forex): The United States Dollar Index is up 0.02% to 95.46 today as the Japanese yen declined on generally higher risk appetites and the Canadian dollar and Australian dollar rallied with commodity prices.
Intercontinental Exchange (ICE) Cotton futures fell to their lowest level in seven weeks, dragged down by rains in West Texas, even as traders awaited weekly crop progress data from the United States Department of Agriculture (USDA).
Soybeans were able to trade up into their previous weeks high which was key resistance and stopped. By the end of the week prices had turned their short-term trends down and the market closed on the low of the week. overall, the grains are all caught inside a tight trading range with no clear direction.
Feeders held much stronger for the most part last week, but also fell apart early Friday before recovering into the close. The late rally was a shock to most traders and no doubt, the market really had a bad fall early into the day.
Cotton prices which really exploded to the upside early in the week, basically gave most of their gains back going into Fridays close. Short term trends which turned up early in the week, turned back down on Friday.
Corn also traded back up into key resistance levels which came in around the previous weeks high. The rally seen in beans was enough to turn short-term trends higher, but short-term trends did not turn up in the corn before this market began to selloff into Fridays close.
Real gross domestic product increased at an annual rate of 1.4 percent in the second quarter of 2016, according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.8 percent.
We''ll take a big picture look at the gold market this week and the interplay between the market's players and price before finishing with an option play that could capitalize on multiple factors leading to increased volatility in the December gold futures contract.
U.S. crude oil refinery inputs averaged over 16.3 million barrels per day during the week ending September 23, 2016, 253,000 barrels per day less than the previous week's average. Refineries operated at 90.1% of their operable capacity last week.
New orders for manufactured durable goods in August decreased $0.1 billion or virtually unchanged to $226.9 billion, the U.S. Census Bureau announced today. This decrease, down three of the last four months, followed a 3.6 percent July increase.
This market has been more volatile lately than a Hillary Donald debate. Sugar, coffee and OJ have soared while cocoa and cotton experienced harsh breaks/corrections and are trying to consolidate near recent lows.