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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (20686)	10/5/1998 1:06:00 PM
From: Luc Beaugrand	Read Replies (1) \| Respond to of 116796

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. CBSMW MarketPlace "Electronic Day Trader" and more... 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