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COMMODITIES-Oil at record above $124, corn hits new peak

Reuters: [2008-05-08 23:35:00]

    By K.T. Arasu 
    CHICAGO, May 8 (Reuters) - Oil soared to a record high 
above $124 a barrel on Thursday fueled by strong demand for 
diesel, while corn also peaked as delays in seeding the U.S. 
crop raised concerns over supply prospect. 
    Gold rose more than 1 percent as the dollar fell from 
two-month highs against the euro, while rice surged as Malaysia 
bought a large amount of the grain from Thailand and as cyclone 
hit Myanmar was likely to turn from exporter to importer. 
    Oil recouped early losses and surged to an all-time high of 
$124.61 a barrel in post-settlement electronic trading, lifted 
by strong demand for middle distillates, including diesel. 
    A recent strike at Britain's Grangemouth refinery and 
production problems at the Porvoo refinery diesel unit in 
Finland have thinned supplies. 
    Prices were down earlier as top oil exporter Saudi Arabia 
booked eight supertankers to carry 16 million barrels of crude 
to the United States in May and early June, the highest number 
of cargoes so far this year. [ID:nL08786951] 
    Oil prices have surged five-fold since 2002, as supply 
struggles to match growing demand in emerging economies such as 
China and India. Goldman Sachs this week forecast prices could 
rise to $200 a barrel in the next two years. 
    Oil <CLc1> was up 72 cents at $124.25 a barrel at 4:57 p.m. 
EDT (2057 GMT). 
    Corn futures at the Chicago Board of Trade rallied to 
record highs amid growing concerns over delays in seeding the 
crop in the United States due to rains and soggy fields. 
    The United States is the world's largest producer and 
exporter of corn, which is used primarily to produce animal 
feed but large amounts of which are now used to make ethanol. 
    CBOT May corn <CK8> rose to $6.21-3/4 a bushel, the highest 
for a spot month, before ending at $6.18-3/4, up 17-1/4 cents. 
The July 2009 contract <CN9> rose to $6.72-3/4, the all-time 
high for any CBOT contract. 
    The concerns over the pace of seeding neutralized bearish 
news from the U.S. Agriculture Department's report that pegged 
export sales of corn at 337,200 tonnes last week -- down 39 
percent from the previous week, 50 percent off the four-week 
average, and the lowest in the marketing year ending Aug. 31. 
    "Exports were rather anemic last week, especially for 
corn," said Roy Huckabay, analyst for The Linn Group. 
    Gold rose sharply as the dollar fell from two-month highs 
against the euro. 
    "The metal's short-term direction is still coming from the 
dollar. Given that oil prices are trading near record highs, 
inflation concerns are still very much in the forefront of the 
market," said Suki Cooper, metals analyst at Barclays Capital. 
    Gold has lost about 15 percent of its value since spiking 
to a lifetime high of $1,030.80 an ounce on March 17. 
    Gold <XAU=> rose as high as $885.25 an ounce and was at 
$880.50/$881.90 in New York at 4.48 p.m. EDT (2048 GMT), 
against $870.85/$872.05 late in New York on Wednesday 
    CBOT rice futures rose 3-1/2 percent amid strong demand 
from Malaysia, and it seemed likely that Myanmar would not be 
able to export rice this year -- at a time when concerns over 
supplies have sparked protests and riots. 
    "The rice market is dealing with some serious issues right 
now," said John Casey, analyst and rice trader for Founders 
Commodities, a Chicago trade house. 
    CBOT July rice <RRN8> rose the 75-cent daily trading limit 
to $22.35 per hundredweight. 
 (Editing by Marguerita Choy) 
 ((ktarasu@thomsonreuters.com; + 1 312 408 8749; Reuters 
Messaging kumarasamy.thennarasu.reuters.com@reuters.net)) 
   For the latest news and prices, click on the codes in 
brackets: 
    CBOT grains and oilseed futures 
    <0#W:> <0#C:> <0#S:> <0#SM:> <0#BO:> 
    COMEX gold futures <0#GC:> 
    COMEX copper futures <0#HG:> 
    CME livestock futures <0#LC:> <0#FC:> 
    CME lumber futures <0#LB:> 
    NYBOT softs, cotton and juice futures 
    <0#KC:> <0#SB:> <0#CC:> <0#CT:> <0#OJ:> 
    NYMEX crude oil <0#CL:> 
    Reuters/Jefferies CRB Index <.CRB> 
    NYBOT RJ/CRB futures <0#CR:> <0#CI:> 
    RELATED NEWS AND OTHER TOPICS All commodities news [C] 
    Energy markets news [O] 
    Precious metals news GOL All metals news [MTL] 
    All agriculture news GRO Grains news [GRA] 
    Livestock news LIV Softs news [SOF] 
    Foreign exchange rates [FX=S] 
    SNAPSHOTS of all commodity reports [SNAP/GOL] [SNAP/COF] 
    [SNAP/COT] 
    SPEED GUIDES COMMODS REUTERS 
Keywords: MARKETS COMMODITIES 
    

COMMODITIES-Oil breaks $122; corn at new record too

Reuters: [2008-05-06 23:29:00]

    By Barani Krishnan 
    NEW YORK, May 6 (Reuters) - The bull run in U.S. energy 
markets showed little signs of slowing on Tuesday, with crude, 
gasoline and heating oil all hitting record highs before ending 
off their peaks, fueling a rally in other commodities too. 
    U.S. corn futures hit new peaks as well, leading wheat to a 
higher close. [GRA/] Precious metals such as gold and silver 
rose but modestly. [GOL/] Copper bucked the trend with a lower 
close after Monday's record high in New York. [MET/L] 
    "I think oil is just pulling everything higher and because 
of that, all these commodities have turned around again," said 
Edward Meir, energy and metals analyst at commodities brokerage 
MF Global in New York. 
    Another positive factor was the dollar's weakening for a 
second straight day after being up in two previous sessions on 
speculation that the U.S. Federal Reserve may be ready to stop 
interest rate cuts which began in September. [USD/] 
    "The dollar was giving the bears some hope last week when 
it rallied. That seems to have stalled and we seem to be back 
to the original kind of trading strategy, which is go short the 
dollar and long the commodities," Meir said. 
    Crude <CLc1> on the New York Mercantile Exchange, or NYMEX, 
settled up $1.87 at $121.84 a barrel after touching a record 
$122.73, extending a rally that has doubled prices over the 
past year. [O/R] 
    Analysts attributed the run-up mainly to Iran's refusal to 
accept inspections of its nuclear program which the West fears 
could be linked to weapons. Iran is also the world's fourth 
largest oil exporter. [ID:nL05474341] 
    Nigerian disruptions from militant attacks and a strike 
have also underpinned prices since late April, along with the 
weaker dollar and growing demand from emerging markets like 
China and India. 
    The mounting supply problems and strong demand prompted 
Goldman Sachs to forecast oil could reach $200 a barrel within 
the next two years.[ID:nL06914488] 
    NYMEX heating oil for June ended up 4.70 cents, or 1.42 
percent, at $3.3535 after an intraday record of $3.3712. 
    RBOB gasoline for June, settled up 5.26 cents, or 1.72 
percent, at $3.1055 on NYMEX, after an all-time high of 
$3.1260. 
    U.S. corn surged 3 percent as the pace of seeding in the 
United States, the world's top producer and exporter of the 
grain used in feed and ethanol, was the slowest in a decade. 
    Spring rains across wide swaths of the Midwest grain belt, 
which is home to the bulk of corn grown in the United States, 
have delayed planting. As a rule of thumb, farmers need to seed 
the crop by May 15 to avoid yield loss. 
    Benchmark corn for May delivery <CK8> on the Chicago Board 
of Trade closed up 12-3/4 cents at $5.94-3/4 per bushel. The 
July <CN9> 2009 contract reached a record high of $6.60-3/4 per 
bushel during Tuesday's session before ending up 10 cents at 
$6.49. 
    CBOT wheat for May <WK8> closed up 13-1/2 cents at $8.06 
per bushel. 
    The Reuters-Jefferies CRB index <.CRB>, which tracks 19 
commodity futures, was up 1.13 percent at 418.54. 
 (Editing by Marguerita Choy) 
 ((barani.krishnan@thomsonreuters.com; +1 646 223 6192; Reuters 
Messaging: barani.krishnan.reuters.com@reuters.net)) 
    For the latest news and prices, click on the codes in 
brackets: 
    CBOT grains and oilseed futures 
    <0#W:> <0#C:> <0#S:> <0#SM:> <0#BO:> 
    COMEX gold futures <0#GC:> 
    COMEX copper futures <0#HG:> 
    CME livestock futures <0#LC:> <0#FC:> 
    CME lumber futures <0#LB:> 
    NYBOT softs, cotton and juice futures 
    <0#KC:> <0#SB:> <0#CC:> <0#CT:> <0#OJ:> 
    NYMEX crude oil <0#CL:> 
    Reuters/Jefferies CRB Index <.CRB> 
    NYBOT RJ/CRB futures <0#CR:> <0#CI:> 
    RELATED NEWS AND OTHER TOPICS All commodities news [C] 
    Energy markets news [O] 
    Precious metals news GOL All metals news [MTL] 
    All agriculture news GRO Grains news [GRA] 
    Livestock news LIV Softs news [SOF] 
    Foreign exchange rates [FX=S] 
    SNAPSHOTS of all commodity reports [SNAP/GOL] [SNAP/COF] 
    [SNAP/COT] 
    SPEED GUIDES COMMODS REUTERS 
Keywords: MARKETS COMMODITIES 
    

COMMODITIES-Oil, copper set records as economy optimism fades

Reuters: [2008-05-05 19:27:00]

    By Barani Krishnan 
    NEW YORK, May 5 (Reuters) - Prices of crude oil and copper, 
two of the world's most vital raw materials, hit record highs 
on Monday as more investors turned their focus to commodities 
after a slump in the stock market. 
    By 1:00 p.m. EDT (1700 GMT), benchmark crude oil <CLc1> on 
the New York Mercantile Exchange, or NYMEX, was up $3.37, or 
2.9 percent, at $119.69 after soaring to a record peak of 
$120.21 a barrel. 
    Copper for July delivery <HGN8> on NYMEX's metals division 
COMEX was up 12.45 cents, or 3.26 percent, at $3.9450 a lb 
after surging to $4.2605 -- a lifetime high for any U.S. copper 
contract. The U.K. copper market on the London Metal Exchange 
was closed for a holiday. 
    Both oil and copper rallied on supply worries and a weak 
dollar, which fell broadly, breaking last week's brief sprint, 
as investors decided the U.S. economy was still struggling 
despite some optimism over its outlook last week  [USD/]. 
    Concerns over the health of the world's largest economy 
also hurt investors' confidence in Wall Street [.N], pushing 
them away from stocks and into alternative assets such as 
commodities. 
    "The outlook for the U.S. economy overall remains 
uninspiring at best; growth is stuck in neutral, as evidenced 
by two quarters of GDP gains that total little more than 1 
percent, while credit conditions remain difficult despite 
repeated (interest) rate reductions," said Edward Meir, analyst 
at commodities brokerage MF Global. 
    NYMEX crude jumped more than $3 from Friday's close after 
Royal Dutch Shell <RDSa.L> was forced to shut more of its 
production in Nigeria after militants on Saturday attacked a 
flowstation in the oil-rich Niger Delta. [ID:nL03347126] 
    Renewed clashes between Turkey and Kurdish rebels in 
northern Iraq lent support to prices as well, along with   
Iran's announcement on Monday that it would not consider any 
incentives offered by world powers that would constrain its 
right to nuclear technology. [ID:nHAF530338] 
    The Iran issue aside, more geopolitical tensions came from 
Saturday's battle between Turkish and Kurdish forces which 
purportedly left more than 150 people dead.  [ID:nL03716742] 
    Copper prices rallied on the back of supply fears stemming 
from an ongoing strike action at Chile's Codelco, the world's 
largest copper producer, which was now into its third week. 
[ID:nN05372495] 
    Copper, used widely in the construction and power 
industries and often seen as a gauge of real economic activity, 
had hit a five-week low on COMEX as late as Thursday. But with 
Monday's record high, the base metal is up almost 40 percent on 
COMEX since Dec. 31. 
    Among precious metals, COMEX's active gold futures for June 
<GCM8> was up $15.30, or 1.8 percent, at $873.30. 
   On the agricultural front, corn and soybean futures on the 
Chicago Board of Trade were down, pressured by profit-taking 
amid some forecasts for an improvement in crop planting weather 
for the Midwest. [GRA/] 
    The Reuters-Jefferies CRB index <.CRB> , which tracks 
prices of 19 futures markets in the energy, metals and 
agriculture space, was up 1.25 percent. 
  (Editing by Marguerita Choy) 
  ((barani.krishnan@thomsonreuters.com; +1 646 223 6192; 
Reuters Messaging: barani.krishnan.reuters.com@reuters.net)) 
    For the latest news and prices, click on the codes in 
brackets: 
    CBOT grains and oilseed futures 
    <0#W:> <0#C:> <0#S:> <0#SM:> <0#BO:> 
    COMEX gold futures <0#GC:> 
    COMEX copper futures <0#HG:> 
    CME livestock futures <0#LC:> <0#FC:> 
    CME lumber futures <0#LB:> 
    NYBOT softs, cotton and juice futures 
    <0#KC:> <0#SB:> <0#CC:> <0#CT:> <0#OJ:> 
    NYMEX crude oil <0#CL:> 
    Reuters/Jefferies CRB Index <.CRB> 
    NYBOT RJ/CRB futures <0#CR:> <0#CI:> 
    RELATED NEWS AND OTHER TOPICS All commodities news [C] 
    Energy markets news [O] 
    Precious metals news GOL All metals news [MTL] 
    All agriculture news GRO Grains news [GRA] 
    Livestock news LIV Softs news [SOF] 
    Foreign exchange rates [FX=S] 
    SNAPSHOTS of all commodity reports [SNAP/GOL] [SNAP/COF] 
    [SNAP/COT] 
    SPEED GUIDES COMMODS REUTERS 
Keywords: MARKETS COMMODITIES 
    

REFILE-COMMODITIES-Rebounds on economic outlook, shrugs off dlr

Reuters: [2008-05-02 22:06:00]

    (Refiles to fix day in paragraph 12) 
    By Barani Krishnan 
    NEW YORK, May 2 (Reuters) - Commodities were up on Friday as 
better-than-expected U.S. jobs data boosted investors confidence in 
the world's largest economy, helping oil, metals and grains prices 
rise from three straight days of losses. 
    The stronger dollar, which had led to weakness in commodity 
markets since Tuesday, was less of an influence on Friday. Investors 
in commodities focused instead on the economy and prevailing tight 
supply in most raw materials. 
    Oil prices rose partly due to recent output disruptions in 
Nigeria and Britain's Grangemouth refinery, which had briefly shut 
700,000 barrels per day of North Sea oil, amid resistance by 
producer group OPEC to turn out more crude. 
    "Although the Grangemouth and Nigeria strikes may have been 
settled, they are only going to further tighten global balances," 
said Jim Ritterbusch, an Illinois-based oil analyst. "The market 
knows that and it knows its not going to get any more oil out of 
OPEC." 
    In copper, prices were underpinned by a strike at Chile's 
Codelco, the world's largest copper miner, which entered its 17th 
day.[ID:nN02367224] 
    "We have the Codelco strike situation continuing, so I think 
there is some pretty good underlying fundamentals within the 
market," Bill O'Neill, a metals analyst at New Jersey's LOGIC 
Advisors, said. "Long term, this copper bull market is still in 
play." 
    
    OIL TO METALS AND GRAINS HIGHER 
    Front-month crude oil futures <CLc1> on the New York Mercantile 
Exchange, or NYMEX, ended up $3.80, or 3.4 percent, at $116.32 a 
barrel, slightly off the day's high of $116.49. [O/R] 
    The rally in oil came on the back of April U.S. employment data, 
which showed employers shedding only 20,000 jobs versus market 
expectations of an 80,000 cut.[ID:nN02551119] 
    The jobs data gave hope that the U.S. economy may escape a 
severe recession, pushing up the dollar and stock markets. 
Treasuries fell as investors' appetite for risk grew. 
    "Most are thinking that if we do slip into a recession, it's 
going to be mild and brief," said Matt Kassel, director of foreign 
exchange at ING Capital Markets in New York. 
    Among other commodities, gold for June delivery <GCM8> on 
NYMEX's COMEX metals division closed up $7.10, or 0.8 percent, at 
$858 an ounce. [GOL/] 
    Copper, the leading industrial metal often seen as a key gauge 
of real economic activity, ended up 12.60 cents, or 3.4 percent, at 
$3.8205 per lb for the July contract on COMEX. The contract had 
tumbled as much as 5 percent on Thursday. [MET/L] 
    Copper for delivery in three months on the London Metal Exchange 
<MCU3> closed up $190 at $8,410 per tonne. 
    On the agricultural front, wheat, soybean and rice futures all 
rose on the Chicago Board of Trade. [GRA/] 
    CBOT soft red winter wheat for May delivery <WK8> closed 19-1/2 
cent higher at $7.96 per bushel, May rice futures <RRK8> was up 
18-1/2 cents at $20.54 per hundredweight and soybeans for May <SK8> 
rose 33-3/4 cents to $12.92-1/2 a bushel. 
    Only nearby U.S. corn futures closed lower on profit-taking and 
negative talk about ethanol. The May contract <CK8> down 3-1/2 cents 
to $6.02 per bushel' 
    The Reuters-Jefferies CRB index <.CRB> of 19 commodity futures 
closed up 2.01 percent. 
 (Editing by Marguerita Choy) 
 ((barani.krishnan@thomsonreuters.com; +1 646 223 6192; Reuters 
Messaging: barani.krishnan.reuters.com@reuters.net)) 
    For the latest news and prices, click on the codes in brackets: 
    CBOT grains and oilseed futures 
    <0#W:> <0#C:> <0#S:> <0#SM:> <0#BO:> 
    COMEX gold futures <0#GC:> 
    COMEX copper futures <0#HG:> 
    CME livestock futures <0#LC:> <0#FC:> 
    CME lumber futures <0#LB:> 
    NYBOT softs, cotton and juice futures 
    <0#KC:> <0#SB:> <0#CC:> <0#CT:> <0#OJ:> 
    NYMEX crude oil <0#CL:> 
    Reuters/Jefferies CRB Index <.CRB> 
    NYBOT RJ/CRB futures <0#CR:> <0#CI:> 
    RELATED NEWS AND OTHER TOPICS All commodities news [C] 
    Energy markets news [O] 
    Precious metals news GOL All metals news [MTL] 
    All agriculture news GRO Grains news [GRA] 
    Livestock news LIV Softs news [SOF] 
    Foreign exchange rates [FX=S] 
    SNAPSHOTS of all commodity reports [SNAP/GOL] [SNAP/COF] 
    [SNAP/COT] 
    SPEED GUIDES COMMODS REUTERS 
Keywords: MARKETS COMMODITIES   
    

COMMODITIES-Rebounds on economic outlook, shrugs off dollar

Reuters: [2008-05-02 21:59:00]

    By Barani Krishnan 
    NEW YORK, May 2 (Reuters) - Commodities were up on Friday as 
better-than-expected U.S. jobs data boosted investors confidence in 
the world's largest economy, helping oil, metals and grains prices 
rise from three straights days of losses. 
    The stronger dollar, which had led to weakness in commodity 
markets since Tuesday, was less of an influence on Friday. Investors 
in commodities focused instead on the economy and prevailing tight 
supply in most raw materials. 
    Oil prices rose partly due to recent output disruptions in 
Nigeria and Britain's Grangemouth refinery, which had briefly shut 
700,000 barrels per day of North Sea oil, amid resistance by 
producer group OPEC to turn out more crude. 
    "Although the Grangemouth and Nigeria strikes may have been 
settled, they are only going to further tighten global balances," 
said Jim Ritterbusch, an Illinois-based oil analyst. "The market 
knows that and it knows its not going to get any more oil out of 
OPEC." 
    In copper, prices were underpinned by a strike at Chile's 
Codelco, the world's largest copper miner, which entered its 17th 
day.[ID:nN02367224] 
    "We have the Codelco strike situation continuing, so I think 
there is some pretty good underlying fundamentals within the 
market," Bill O'Neill, a metals analyst at New Jersey's LOGIC 
Advisors, said. "Long term, this copper bull market is still in 
play." 
    
    OIL TO METALS AND GRAINS HIGHER 
    Front-month crude oil futures <CLc1> on the New York Mercantile 
Exchange, or NYMEX, ended up $3.80, or 3.4 percent, at $116.32 a 
barrel, slightly off the day's high of $116.49. [O/R] 
    The rally in oil came on the back of April U.S. employment data, 
which showed employers shedding only 20,000 jobs versus market 
expectations of an 80,000 cut.[ID:nN02551119] 
    The jobs data gave hope that the U.S. economy may escape a 
severe recession, pushing up the dollar and stock markets. 
Treasuries fell as investors' appetite for risk grew. 
    "Most are thinking that if we do slip into a recession, it's 
going to be mild and brief," said Matt Kassel, director of foreign 
exchange at ING Capital Markets in New York. 
    Among other commodities, gold for June delivery <GCM8> on 
NYMEX's COMEX metals division closed up $7.10, or 0.8 percent, at 
$858 an ounce. [GOL/] 
    Copper, the leading industrial metal often seen as a key gauge 
of real economic activity, ended up 12.60 cents, or 3.4 percent, at 
$3.8205 per lb for the July contract on COMEX. The contract had 
tumbled as much as 5 percent on Tuesday. [MET/L] 
    Copper for delivery in three months on the London Metal Exchange 
<MCU3> closed up $190 at $8,410 per tonne. 
    On the agricultural front, wheat, soybean and rice futures all 
rose on the Chicago Board of Trade. [GRA/] 
    CBOT soft red winter wheat for May delivery <WK8> closed 19-1/2 
cent higher at $7.96 per bushel, May rice futures <RRK8> was up 
18-1/2 cents at $20.54 per hundredweight and soybeans for May <SK8> 
rose 33-3/4 cents to $12.92-1/2 a bushel. 
    Only nearby U.S. corn futures closed lower on profit-taking and 
negative talk about ethanol. The May contract <CK8> down 3-1/2 cents 
to $6.02 per bushel' 
    The Reuters-Jefferies CRB index <.CRB> of 19 commodity futures 
closed up 2.01 percent. 
 (Editing by Marguerita Choy) 
 ((barani.krishnan@thomsonreuters.com; +1 646 223 6192; Reuters 
Messaging: barani.krishnan.reuters.com@reuters.net)) 
    For the latest news and prices, click on the codes in brackets: 
    CBOT grains and oilseed futures 
    <0#W:> <0#C:> <0#S:> <0#SM:> <0#BO:> 
    COMEX gold futures <0#GC:> 
    COMEX copper futures <0#HG:> 
    CME livestock futures <0#LC:> <0#FC:> 
    CME lumber futures <0#LB:> 
    NYBOT softs, cotton and juice futures 
    <0#KC:> <0#SB:> <0#CC:> <0#CT:> <0#OJ:> 
    NYMEX crude oil <0#CL:> 
    Reuters/Jefferies CRB Index <.CRB> 
    NYBOT RJ/CRB futures <0#CR:> <0#CI:> 
    RELATED NEWS AND OTHER TOPICS All commodities news [C] 
    Energy markets news [O] 
    Precious metals news GOL All metals news [MTL] 
    All agriculture news GRO Grains news [GRA] 
    Livestock news LIV Softs news [SOF] 
    Foreign exchange rates [FX=S] 
    SNAPSHOTS of all commodity reports [SNAP/GOL] [SNAP/COF] 
    [SNAP/COT] 
    SPEED GUIDES COMMODS REUTERS 
Keywords: MARKETS COMMODITIES 
    

Next: COMMODITIES-Stronger dollar sends commodities reeling