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Cotton prices are at their highest in the 140 years the commodity has traded on an exchange, as heavy Chinese buying and poor harvests are expected to keep global supplies tight.
The ICE December cotton contract hit $1.1980 a pound minutes after trading opened, eclipsing the previous record high set in 1995 by more than 2 cents. Get the full story »
Russia is exploring the creation of a regional wheat futures market and this month held talks with senior executives at CME Group Inc., according to a senior official at the Chicago-based exchange operator.
The planned venture would add another global platform for trading alongside Chicago and Paris, serving the fast-growing “bread basket” of Russia, Ukraine and Kazakhstan, which has become an increasingly important source of European food imports. Get the full story »
CME Group Inc. said on Thursday it would launch a new set of rainfall futures and options contracts for traders looking to hedge risk in the agricultural commodities markets.
The new contracts, which will be based on the amount of rainfall in cities such as Chicago, Des Moines, Iowa, New York and the Dallas-Fort Worth area, will start trading on Nov. 1, CME Group said in a statement. Get the full story »
Gold and metals prices sank Thursday, as investors worried that Japan’s central bank might soon take action to weaken the yen. Get the full story »
Gold hit another record high Monday amid global economic uncertainty, while oil and most other commodities were flat or lower on bearish demand outlooks.
Soft commodities were one of the few bright spots, with sugar hitting a seven-month high on signs of strengthening demand. Cotton set a fresh 15-year top on further fund buying. Get the full story »
CME Group Inc., the biggest U.S. operator of futures exchanges, will offer contracts tied to anticipated price swings in gold and oil starting in the fourth quarter, the exchange said on Tuesday. Get the full story »
Gold could rally above $1,300 an ounce this year, setting successive all-time highs, as uncertainty about economic recovery and a sovereign debt crisis stoke investment interest, according to a closely watched industry report released Tuesday. Get the full story »
A trifecta of bad news has sent coffee futures soaring 44 percent since June, and companies like Dunkin’ Donuts, Green Mountain and Maxwell House are passing on those costs. Bad weather in South America is threatening crops. Brazil and top exporter Vietnam are talking about hoarding their stocks. And U.S. stockpiles are reportedly at 10-year lows. Get the full story »
The U.S. Commodity Futures Trading Commission said Monday it has settled fraud and unauthorized trading charges against a Naperville floor trader at the Chicago Board of Trade whose activities generated a $4 million loss.
The CFTC order permanently bans John Lee Neuman from trading. He had registered with the CFTC as a floor broker from May 1993 until February 2008, and became a local in the CBOT corn options pit in September 1997. Get the full story »
Most commodities prices have closed lower as traders worry that global demand for raw materials will drop because of the slowing economy. Metals and energy prices are down while grains have closed mixed. Get the full story »
Wheat prices surged Thursday after the U.S. government lowered its expectations for global wheat production as a devastating drought continues to erode Russia’s crop and that nation’s export ban remains in effect.
The Agriculture Department’s revised global forecast calls for 2010-2011 production of 645.7 million metric tons of wheat, which is 2.3 percent less than it had estimated in July. Get the full story »
CME Group Inc’s profitable over-the-counter clearing operations may be headed for an overhaul.
The Commodity Futures Trading Commission is putting pressure on the giant exchange operator to change the way its ClearPort unit handles OTC swaps, two people familiar with recent discussions said.
CME treats many of the OTC swaps — which are bilaterally matched away from the exchange — like its exchange-traded futures, a popular feature that has allowed investors to cross-margin, and thus save money on, the two products for years. The treatment requires CFTC approval. Get the full story »
A severe drought in Russia could result in higher prices for bread in U.S. stores, as a spike in wheat costs may lead manufacturers to ease up on the discounts retailers pushed for during the recession.
But consumers and retailers may push back. Shoppers could opt for cheaper options as unemployment remains high, while retailers — who try to drive traffic with discounts — could point out that the spike in wheat is no where near the level of two years ago, when manufacturers raised prices on many goods. Get the full story »
From Bloomberg | Archer Daniels Midland Co., Potash Corp. of Saskatchewan Inc. and Eagle Bulk Shipping Inc. stand to benefit after Russia, the fifth-largest wheat grower, banned exports of the grain because of its worst drought in 50 years.
Wheat prices held just below a two-year high while shares in European brewers and food producers fell on Friday as markets reacted to the sudden imposition of a ban on grain exports from drought-hit Russia.
Prime Minister Vladimir Putin moved on Thursday to halt grain and flour exports to head off inflation following Russia’s worst drought in 130 years, and the railroad monopoly said Friday it would stop loading grain for export from Saturday. Get the full story »
