Commodity Nightcap for October 23, 2009
*Weekend Special* - Find out how the dollar is altering commodities prices
And when inflation might ramp up in the US economy at CNC now.
Grains
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Wheat - ended the week down from near three month highs as investors considered the fact that global supplies heavily outweigh current demand. December contracts lost 4 cents to close the week at $5.4775 per bushel. Today's loss of just under one percent did little to stop the torrid run up for wheat this week. Futures finished the last 5 sessions up about 10%.
Corn - wet weather and an overall dreary day for the financial markets brought corn off four month highs. Farmers are doing their best to flood the cash market with grains as dry weather is expected to increase harvest prospects next week. December futures lost 5.75 cents per bushel to end under $4 at $3.9775
Soybeans - held tight today as wheat and corn retreated. Prices for the most popular contract, November, finished up .5 cent to close at $10.06 per bushel.
Softs
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Metals
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Gold- for December delivery closed down $2.20 an ounce and closed the week at $1,056.40. An ever weakening US dollar is helping gold pricing significantly as fearful investors look for an inflation hedge and an alternative value store for their wealth. What will the Federal Reserve's monetization of debt do to gold prices? Find out at CNC.
Silver - prices gained by 17.8 cents for December delivery and closed at $17.723 per ounce.
Platinum - futures for January delivery were largely unchanged as prices moved by a lowly 40 cents per ounce. Until Monday of next week an ounce of platinum will run you $1,369.50.
Palladium - like platinum palladium was largely unchanged on the session. December futures gave back 30 cents to end at $339.45 an ounce.
Copper - unlike most commodities copper was able to find one year highs today. US homes sales for the month of September were up over 9%, the most in two years. That fuelled investors speculation that housing may have bottomed and builders may ramp up demand for copper in projects. Prices for December futures were up 3.65 cents to $3.0345 per pound.
Energy
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CNC Commodity Nightcap - October 23, 2009
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