Soybean, Soyoil and Soymeal Prices Fall With Broad Commodity Selloff

Soybean prices were hit by a general financial market malaise Friday after the Omicron variant hit the airwaves and a broad range of commodities. Soybean prices closed around 1% lower. Soyoil futures were much weaker falling 3% lower, with soymeal losing around 0.5%. Soybean prices closed around 1% lower. January futures fell 13 cents to $12.53 and March futures fell 13.75 cents to $12.6350. Soyoil futures were much weaker falling 3% lower, with soymeal losing around 0.5%. Soybean basis bids … Continue reading “Soybean, Soyoil and Soymeal Prices Fall With Broad Commodity Selloff”

Corn Avoids Commodity Selloff After Strong USDA Export Data

Commodities sold off across the board after the new Covid variant Omicron caused fear and uncertainty in Friday’s shortened session. Corn prices were in the red most of the day but turned green after better-than-expected export data from USDA took hold. Corn’s late-session rally helped prices jump more than 1% higher by the close, December futures added 6.5 cents to $5.8625, with March futures up 6.25 cents to $5.9175. Preliminary volume estimates were for 296,804 contracts, falling well below Wednesday’s … Continue reading “Corn Avoids Commodity Selloff After Strong USDA Export Data”

Oats, Canola, Cotton All Pip Silver and Oil as Best Performing Futures in October

Futures and commodities contined to be volatile in October of 2021 as energy markets ran roughshod. The biggest gainers were safehaven elements such as precious metals silver, platinum and palladium along with foodstuffs such as grains. The weakest was VIX as you would expect with US stock indices at record highs

Freeport McMoran Triples Profit With Record Copper Prices

Freeport-McMoRan, the world’s biggest publicly listed copper producer more than than tripled its profit in Q3. Higher copper prices and an increase in demand for the metal at a time when copper inventories are plunging. $FCX has been repaying debt and distributing dividends from the surge in revenues.

Fitch Expects Immigration Loss Due To Covid Lockdown To Weigh on Australia’s Growth

Australia growth pre-pandemic was one of the strongest in the developed world. The rapid rise in the working age population with fast net immigration accounting for over half of the expansion helped fuel the strength. Fitch believes the Covid Lockdown to weigh on the recovery GDP in the medium term.

Rio Tinto Lowers 2021 Iron Ore Shipments Forecast on Tight Western Australian Labor Market

Australian mining giant Rio Tinto Group (RIO) on Friday reduced its 2021 Pilbara iron ore shipments forecast as the COVID lockdowns, Supply crunch were further hampered by a tighter labour market in Western Australia. These have all led to a delay of the completion of a new greenfield mine at Gudai-Darri.

Rio Tinto Delays First Production From Oyu Tolgoi Copper Mine in Mongolia

Australian mining giant Rio Tinto Group(RIO)on Friday announced it is delaying first production for the Oyu Tolgoi copper mine in Mongolia by three months to January 2023. $RIO is developing the mine with Canada’s Turquoise Hill Resources (TRQ.TO) in a joint venture.

Alcoa Earnings Elevated By Robust Aluminum Prices and Declared First Ever Dividend

Aluminum producer Alcoa reported better than expected third quarter earnings on Thursday. $AA profits boosted by aluminum prices rising 64% yr/yr and 13% sequentially with the commodity squeeze and a recovering global economy. AA increased buybacks program and declared its first-ever dividend.

Bloomberg Commodity Spot Index Soars To Record Highs With Food and Energy Crisis

A key guage of Commodities prices which tracks 23 energy, metals and crop futures contracts continued to surge higher over record highs set in 2011. Incredibly since hitting a four-year low in March 2020 the index has surged more than 90%.

New Palm Oil Plantation Permits Moratorium Ends in Indonesia, What Next?

Indonesia is the world’s biggest exporter of palm oil and on 19 September a three-year moratoriom for new oil palm plantation permits expired. There have been no decisions on whether to extend or end it. The decision is crucial to Indonesia finances, the environment and Orangutans.