Orange juice jumps 10 percent on crop report
NEW YORK — Orange juice was the star commodity Friday, outshining gold, which slumped after three days of hitting record highs.
November orange juice futures surged 10.1 percent, adding 10 cents to settle at $1.0865 a pound after the U.S. Department of Agriculture forecast a big drop in this season’s orange crop.
The USDA on Friday put the overall U.S. orange crop at 8.25 million tons, down 10 percent from last season. In Florida, the nation’s largest producer, the crop is expected to be down 16 percent from last season due to below-average rainfall and freezing temperatures earlier this year.
Among other soft commodities, November soybeans jumped 28 cents, or 3 percent, to $9.64 a bushel on the Chicago Board of Trade despite the USDA’s projections for a bigger-than-expected crop this year.
Darin Newsom, a senior analyst at DTN in Omaha, Neb., said the jump was likely due to bad weather forecasts that could threaten the soybean crop.
December wheat futures lost 6 cents to $4.68 a bushel, while corn for December delivery slid 1.75 cents to $3.6225 a bushel.
Gold prices fell as the dollar reversed recent losses and moved higher against other major currencies after Federal Reserve Chairman Ben Bernanke signaled that the U.S. central bank was prepared to wind down its stimulus measures when needed.
Some investors interpreted his comments as a sign the Fed might raise interest rates sooner rather than later, which would support the dollar. Gold benefits from a weak dollar because it is used as a hedge against inflation.
The December gold contract fell $7.70 to $1,048.60 an ounce on the New York Mercantile Exchange, after setting new record highs three days in a row this week. Gold finished the week up 4.4 percent.
Gold has been on a tear in recent weeks as the dollar weakens amid fears of emerging inflation. The pop in the dollar Friday gave investors a chance to take some profits, but analysts say gold could still move higher in the near term.
Other metals also fell Friday. December silver dropped 12.5 cents to $17.69 an ounce, while October platinum lost $14.40 to $1,331.60 an ounce.
December copper futures fell 6.05 cents to $2.8380 a pound.
Oil prices were little moved, adding 8 cents to $71.77 a barrel on the Nymex. Crude finished the week up 2.6 percent.
Heating oil rose by less than a penny to $1.8528 and gasoline fell by 1.17 cents to settle at $1.7680 a gallon.
Natural gas for November delivery lost 19.3 cents to settle at $4.77 per 1,000 cubic feet.
Related News
US orange crop expected to be 10 percent smaller; Fla. crop hit hard by freeze, poor rainfallOctober 9th, 2009 Forecast: US orange crop to be down 10 percentORLANDO, Fla. — This season's U.S.
Gold prices soar to fresh high of $1,062 as dollar falls; Other commodities also rallyOctober 8th, 2009 Gold prices show no sign of slowing, hit new highNEW YORK — Gold continued its record-setting climb Thursday, rallying to a fresh high as the dollar weakened. Gold rose to as high as $1,062.70 an ounce on the New York Mercantile Exchange before settling at $1,056.30, up $11.90, or 1.1 percent.
Gold prices gain momentum, hit new high even as dollar rebounds; Oil falls, while grains riseOctober 7th, 2009 Gold touches fresh high even as dollar risesNEW YORK — Gold prices extended their rally Wednesday, climbing to fresh highs even as the dollar recouped some of its losses. Oil prices fell after a government report showing an oversupply of gasoline, while grain prices rose.
Delinquencies on home equity loans, bank cards hit record highs in 2nd quarterOctober 1st, 2009 Loan delinquencies hit record highs in 2nd quarterNEW YORK — Delinquency rates for three key consumer loan categories hit record highs in the second quarter, according to data released Thursday by the American Bankers Association. Rising unemployment and falling incomes were the main culprits for the higher delinquency rates for bank cards, home equity loans and home equity lines of credit, the ABA said.
WTO to consider Brazil-US orange juice disputeSeptember 25th, 2009 GENEVA - The World Trade Organisation Friday set up a panel to judge a dispute brought by Brazil against the US over orange juice imports. Brazil's complaint is similar to others brought against the US by various countries on different products, and pertains to Washington's method of calculating anti-dumping margins.
Metals slip as dollar manages to move higher after conclusion of Fed meeting, oil sinksSeptember 23rd, 2009 Gold slips as dollar manages to move higherNEW YORK — The Federal Reserve's upbeat assessment of the economy Wednesday did little to stir commodities. Prices for oil, gold and other metals finished lower, while the dollar seesawed as the Fed said the pace of economic activity has "picked up" since its last meeting in August.
Gold, other metals pullback for second straight day as dollar strengthensSeptember 18th, 2009 Gold, other metals slip for second straight dayNEW YORK — Gold and other metals slipped for the second straight day, along with most other commodities, as stocks and the U.S. dollar both posted gains Friday.
Gold, other metals give back some of recent gains after touching fresh highsSeptember 17th, 2009 Gold, other metals slip after recent gainsNEW YORK — Gold and other metals gave back some of their recent gains Thursday, but not before marking fresh highs. Gold for December delivery lost $6.70 to finish trading at $1,013.50 an ounce on the New York Mercantile Exchange, after earlier rising to a new 18-month high of $1,025.80 an ounce.
Gold prices near fresh record highs as dollar sinks; other metals, energy prices also riseSeptember 16th, 2009 Weak dollar sends gold, other commodities higherNEW YORK — Another slump in the dollar is sending gold prices to near-record highs. Gold for December delivery rallied $13.90 to $1,020.20 an ounce Wednesday on the New York Mercantile Exchange, after earlier hitting a new 18-month high of $1,023.30.
Dollar slips as US unemployment jumps to 26-year high of 9.7 pct in AugustSeptember 4th, 2009 Dollar slips as unemployment rate jumps to 9.7 pctNEW YORK — The dollar ended slightly lower Friday after a report showing rising U.S. unemployment.
Oil slips to near $71 as market takes profit, but mood is bullish on improving economic dataJune 12th, 2009 Oil slips to $71 as investors take profitsVIENNA — Oil prices slipped to near $71 a barrel Friday as the crude market took a breather from its recent daily gains. But the mood remained bullish as investors eyed signs that the global recession may be easing.
Oil slips below $72 as market takes profit but mood is bullish on improving economic dataJune 12th, 2009 Oil slips below $72 as market takes profitsVIENNA — Oil prices slipped below $72 a barrel Friday as the crude market took a breather from its recent daily gains. But the mood remained bullish as investors eyed signs that the global recession may be easing.
Oil slips below $68, remains near 7-month highs ahead of expected fall in US oil stocksJune 3rd, 2009 Oil slips below $68 ahead of new US stocks dataVIENNA — Oil prices slipped below $68 a barrel Wednesday, as investors booked gains on a recent rally. But they remained near seven-month highs on expectations that new data will show greater demand in the United States, the largest market for crude.
Oil slides to around $68 after 7 straight sessions of price jumpsJune 2nd, 2009 Oil slides to around $68SIOUX FALLS, S.D. — Oil prices slipped Tuesday as traders cashed out profits from seven straight sessions of price jumps built on hopes of an economic recovery and a falling dollar.
Gold futures hover around record highMarch 3rd, 2009 MUMBAI - Gold was hovering around Rs.16,040 per 10 grams in intra-day trade Monday, an all-time trading price high, with consumers avoiding buying new gold and preferring to exchange old gold for new. Around 1:40 p.m., gold's April futures prices touched a high of Rs.15,968 per 10 grams at the Multi Commodity Exchange as the rupee continued to reign at over Rs.50 to the dollar.
Loading ...