COMMODITY NEWS AND COMMENTS

U.S. Economy

The U.S. Treasury sold $44 billion of two-year T-notes at a median yield of .98%. The bid to cover ratio was 3.63, the most demand in over two years. The December 2010 eurodollars closed up .145 at 98.34.
The Conference Board's index of consumer confidence fell from 53.4 to 47.4 in October, weaker than expected.
The Richmond Federal Reserve's regional index of manufacturing fell from +14 to +7 in October, weaker than expected, but still a sign of expansion.
The Standard and Poor's/Case-Shiller index of home prices in 20 cities was up 1.2% in August, but down 11.3% from a year ago. It was the fourth consecutive monthly increase.

Grains and Cotton


The southeastern U.S. is getting hit with more rain today. Late yesterday, the USDA said that the corn, soybean, and cotton harvests all remained well-behind their normal paces. December cotton finished down .36 at 67.05.
Today's U.S. Palmer Drought Map shows excessively moist conditions throughout major portions of the Midwest. December corn closed down 7.25 cents at $3.707.

Livestock

Is the pork market finally losing its fear of "swine" flu? December hogs closed up 1.97 at 55.42, the highest close in three months.
Orange juice January orange juice ended up 2 cents at $1.1740 with ongoing support from this year's smaller Florida orange crop.
Metals Has there been a change of heart in the metals? December gold fell $7.40 to $1,035.40, the fourth consecutive day lower and the lowest close in three weeks.


Currencies


The European Central Bank said that commercial bank lending in the Eurozone was down an annual rate of .3% in September, the first decline on record. The December euro closed down .0051 at $1.4806.
The Confederation of British Industry said that retail sales in October were at their best levels in almost two years.
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(Possible) Market-Moving News of 2009:
October 9 - USDA: Florida's 2009-2010 orange crop estimate at 136 million boxes, less than expected.
October 9 - Canada's unemployment rate unexpectedly improved from 8.7% to 8.4% in September, the first decline since last fall.
October 8 - ICSG est.: World copper production surplus of 539,000 tons in 2010, up from their April estimate of 400,000 tons.
September 18 - USDA: 492,529 acres of commercial orange trees in Florida, down 1% from a year ago and the lowest total since 1986.
September 11 - First mention of severe drought conditions affecting China's corn crop.
August 21 - This week, Warren Buffett, Joseph Stiglitz, and PIMCO's El Erian all made negative comments about the U.S. dollar.
August 19 - The World Gold Council said that central banks bought 14 tons of gold in the second quarter of 2009 - "the first net purchase by central banks for a considerable length of time."
August 13 - France and Germany surprise markets with .3% positive growth in the second quarter.
August 7 - First improvement in the U.S. unemployment rate since April of 2008.
July 27 - U.S. new home sales up 11% in June, much better than expected.
July 24 - Lowest U.S. cattle inventory in 36 years and lowest cattle on-feed available in 10 years.
June 30 - USDA: 87.04 million planted corn acres, +1% from a year ago, the second most acres since 1946, and much more than expected.
May 26 - India bans futures trading in sugar contracts.
May 21 - USDA estimates that 2009-2010 world ending stocks of sugar will total 19% of annual use, the lowest in 16 years.
May 4 - China's manufacturing index confirms first expansion in nine months.
April 27 - World Health Organization declares swine flu outbreak an international health emergency.
April 22 - China imports record high 296,843 tons of copper in March.
March 18 - Fed will buy $300 billion in Treasuries and $750 billion of mortgage securities.
March 10 - Surprise profit at Citigroup.

source: dailyfutures.com

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