| Commodity ETF Jumps As Wheat Hits Record
The market may have lost its appetite for stocks, but it's hungry for commodities, especially wheat. Wheat soared to a record Friday as the Agriculture Department forecast that supplies will drop 40% from last year to a 60-year low in May. It already has more than doubled in the past year. Corn, soybeans, gold and platinum have also soared to new records. "We're in an inflationary cycle that's heating up, so things such as commodities are becoming more valuable than paper assets," said Adam Harter, director of operations at Financial Enhancement Group, with $200 million in assets. "People in developing economies are seeing incomes rise and are able to buy more and that's putting a pressure on the demand side of the equation." Trading Futures In lock step, PowerShares DB Commodity Index (DBC) broke out to a new high Friday.
London shares down midmorning; housebuilder weakness helps offset ...
LONDON, Feb. 11, 2008 (Thomson Financial delivered by Newstex) -- UK blue-chips slipped lower midmorning after comments from the G7 summit about the global economic outlook reignited investor fears, and with weakness among the housebuilders helping to offset strength in the commodities sectors. At 10.07 am, the FTSE 100 index was 15.7 points weaker at 5,768.3, albeit off the early morning low of 5,732.4, while the FTSE 250 slipped 36.7 points lower to 9,770.8. Volume was average, with 182.6 mln shares having changed hands in 56,929 deals. Over the weekend the Group of Seven (G7) finance chiefs conceded that global economic prospects have deteriorated since they last met in October and that they stand ready to take collective and individual action to boost prospects. 'The G7 comments are weighing on the market this morning,' one senior trader said.
Hedge funds scent a market turnaround amid turbulence
London: If hedge funds are, as is often claimed, the investment vanguard, their latest moves appear to be telling financial markets it is time to take a break from the trading patterns that have dominated since mid-2007. Investment banks have been poring over the latest data on hedge fund positioning from the Commodities Futures Trading Commission (CFTC) and concluded that a number of speculative bets have been changed. Societe Generale, for example, says long positions on 10-year government bonds have been closed. That is to say, hedge funds are not expecting demand for such bonds to increase and drive yields lower. .
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Aluminium gains, agris spike, crude witnesses profit-taking
MUMBAI: The commodity markets were volatile last week as the surprise Fed move on interest rates caused short-term turbulence. The immediate reaction was a short-term upmove on select base metals as the industrial outlook (at least as a perception) improved and shorts were squeezed. The bullion outlook, too, improved as hedge fund activity was seen driving prices higher. Select agri-commodities spiked higher and the outlook was slightly more upbeat compared with the previous week. MCX volumes fell 2% and open interest tripped by a similar amount on a week-on-week basis. Turnover gainers were copper, mentha oil, potato, zinc and aluminium. Open interest gainers were natural gas, zinc, refined soya oil and chana. Agri-commodities
Chana has established Rs 2,100 level as a critical support and as long as this threshold is not violated downwards, the outlook remains optimistic.
Quarterly earnings surge again at Cargill
Profit for the second quarter was nearly $1 billion at Cargill, the Minnetonka-based agricultural giant, as capital investments helped the company move more commodities over longer distances, the company reported Monday. The earnings of $954 million for the quarter ended Nov. 30 were a 44 percent gain over the same quarter last year. "We are very pleased with today's results," Greg Page, the Cargill chairman and chief executive who took over the company last June, said in a prepared statement. "Today we are moving bigger volumes of commodities, through more facilities, at higher utilization rates and over longer distances. As we've grown, we've also strengthened our ability to measure and assess risk. That's been crucial, given the speed and magnitude of price movements in today's agricultural and energy markets." Earnings for the first six months of the company's fiscal year stand at $1.87 billion, a 61 percent increase from the previous year's first half.
MCX to support Microsoft's rural technology training programme
MUMBAI: Multi Commodity Exchange of India on Thursday announced its support to an ongoing computer literacy programme of Microsoft and Indian Society of Agribusiness Professionals in rural Maharashtra.
This marks the launch of MCX's Corporate Social Responsibility initiative aimed at empowering the youth and women of rural areas of the state with technology skills.
Till now over 15,500 people have been trained and more than 24,000 people are using this service across 16 districts by the means of understanding the futures markets prices of the area specific commodities.
MCX's support will help in increasing deployment of laptop and desktop computers and thereby strengthen the ongoing technology training and adoption efforts through the project.
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