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Tag Archives: markets

OIL STORAGE CRUNCH COULD LOWER CRUDE PRICES EVEN FURTHER

The U.S. is running out of places to stash its overflowing oil supplies, threatening to further drive down crude prices that rebounded in recent days. Supply – including oil produced in the U.S. and imported – has been outpacing U.S. refiners’ demand by about 1 million barrels a day on average since early January, according… read more

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SIGNS OF THE TIMES

Apple will replace AT&T as one of the members of the Dow 30 Industrials index. AT&T has been a member of the Dow since the early 20th Century.

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PROPANE PRICES

GROWMARK Energy says propane inventories are flush compared to last year and the five-year average and demand hasn’t been strong enough to counter supplies and production.

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PIT TRADING ENDS

CME Group announced last evening that traditional pit trading of grains and livestock in Chicago will go all-electronic on July 2. Only 1% of the trading in Chicago was going through the pits, the remainder already on e-trade.

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USDA Reports

Corn futures rose to a nearly seven-month high after USDA projected lower-than-expected plantings.  Check it out at www.farmweeknow.com.

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Report Preview

Analysts surveyed by Dow Jones expect the USDA to forecast that farmers will plant 92.902 million acres of corn, down from 95.365 million last year. Soybean acreage is expected to rise to 81.369 million versus 76.533 million in 2013.  We’ll have updated figures Monday morning on FarmWeekNow.com.

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Divergent Markets

US hog producers are seeing record high prices for pork, due to effects from PEDV.  However, China is purchasing frozen pork for reserves this week to support its domestic pork prices. First purchase amount is set at 65,000 tons.

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MARKET TURN

AgriVisor’s Dale Durchholz wrote a Thanksgiving weekend blog post on where market trends may be heading. Check it out.

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MORGAN STANLEY CUTS FORECASTS

Morgan Stanley cut its estimate for corn to $3.90 a bushel in 2014-2015 from $4.35 in October and for soybeans to $9 a bushel from $10.10, according to analysts Bennett Meier and Lee Jackson. Wheat was lowered to $5.40 a bushel from $5.75.

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PREDICTIVE MARKETS

The Iowa Electronic Markets still utilizes users’ bets on what will happen in upcoming elections. As of Friday, the market says there’s an 82% chance the Democrats will lose control of the U.S. Senate. Nate Silver’s 538 blog gives the Republicans a 68.5% chance of winning control of the Senate.

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