o: Morgy_Dog (20686 )
From: Luc Beaugrand
Monday, Oct 5 1998 1:05PM ET
Reply # of 20687
Rain hits the Western corn belt
Gold futures drop on IMF news
By Cecily Fraser, CBS MarketWatch
Last Update: 11:48 AM ET Oct 5, 1998 Agriculture Outlook
NEW YORK (CBS.MW) -- December gold declined Monday afternoon on news that
gold supplies may swell thanks to the worsening global economic crisis.
British Chancellor of the Exchequer Gordon Brown indicated that the International
Monetary Fund is considering selling part of its 103 million ounces of gold reserves in
order to help support a bailout package for Brazil.
In other news, the U.S.dollar was weaker against most major currencies, helping to
support overseas buying. Metals, traded in dollars, are more affordable to non-U.S.
investors when the dollar drops. The dollar was down 1.59 Japanese yen to 134.544.
Comex metal statistics released late Friday are another factor pressuring the precious
metal as the latest data showed that gold stocks were steady at about 958,389 troy
ounces.
On the Commodities Exchange division of New York Mercantile Exchange, December
gold fell $1.80 to $301 an ounce.
In other commodities trading highlights:
Coffee perks up
December coffee rose as players assessed the weekend's events in Brazil, the world's
No.1 coffee-producing region. Of most pressing news, President Cardoso won the
re-election, and many are waiting for new economic measures and a rescue package
expected to be
announced later this week.
A bailout package for the economy would mean that the Brazilian real may not have to
be devalued as much as previously thought, and will prevent large amounts of coffee
from entering the market. On the Coffee, Sugar & Cocoa Exchange, December coffee
rose 0.35 cents to $1.0380 per pound.
W Z8
CBT
Last Chg.
2854 +94
% Chg. Vol.
+4.26% 11,404
Day Lo. Day Hi.
2772 2894
Open Prev.
2780 2760
As of
Oct 05/98 1:02 pm ET
Last Trade
Oct 05/98 12:52 pm ET
10 MIN. DELAY
Grain gains
Grain futures continued to advance, with wheat making the biggest gain of 2.7 percent.
A weekend of rain across the Western Cornbelt impacted trading as the storms could
hamper the progress of this season's above-average crops.
The heaviest rains were felt in eastern Kansas and Nebraska, and western Missouri and
Iowa. On the Chicago Board of Trade, December wheat rose 7.4 cents to $2.834 per
contract.
Following wheat higher, November soybeans rose 4.6 cents to $5.204 per contract and
December corn rose 3.6 cents to $2.102 per contract.
Energies rally
Crude oil futures declined as players look ahead to the latest weekly American
Petroleum Institute data to be released Tuesday. Players contend that the API data is
still rather puzzling as they try to put together a trend in crude oil stocks in light of the
recent weather-related problems.
Friday's meeting in Cancun, Mexico between oil ministers from Saudi Arabian,
Venezuela and Mexico is not expected to have much of an impact for trading, however
was significant in that three ministers did agree to continue to reduce oil production
through June 1999. In addition the trio agreed to discuss extending the reductions
through December 1999 with other oil-producing countries.
On the New York Mercantile Exchange, November crude oil fell 29 cents to $15.35 a
barrel.
Beef futures are steady
Beef futures were steady to lower as the consensus on the trading floor is that retailers
have completed buying their pork supplies for the month. In addition, cutout prices and
expectations of greater numbers of cattle to be delivered from futures contracts are
expected to support the market today.
On the Chicago Mercantile Exchange, October feeder cattle fell 0.050 cents to 68.650
cents a pound.October live cattle rose 0.100 cents to 59.625 cents a pound.
The Bridge/Commodity Research Bureau Index fell 0.2 percent to 201.93, pressured
crude oil and precious metals.
Metals
December silver fell 12 cents to $5.195 an ounce.
December copper fell 0.20 cents to 72.50 cents per pound.
December palladium was unchanged at $283.50 an ounce.
October platinum fell $6 to $342 an ounce.
Energies
November heating oil rose 0.53 cents to 41.70 cents a gallon.
November unleaded gasoline fell 0.34 cents to 46.90 cents a gallon.
November natural gas fell 6.2 cents to $2.370 per BTU.
Livestock
February pork bellies fell 0.925 cents to 43.700 cents a pound.
October lean hogs fell 0.500 cents to 41.675 cents a pound.
Grains/Foods/Fiber
January frozen orange juice rose 1.50 cents to $1.0150 per pound.
December cotton rose 0.3 cents 73.21 cents per pound.
December cocoa fell $8 to $1,530 per ton.
March sugar rose 0.11 cents to 7.46 cents per pound.
Cecily Fraser is a reporter for CBS MarketWatch.
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