Agriculture & Softs Commodity News | Commodities News – Wheat, Corn, Coffee
Cocoa at 33-year high on supply fears
Source: Financial Times, 3rd June 2010
Spot cocoa prices in London on Thursday jumped above the £2,500 a tonne level for the first time in more than three decades as a disappointing crop in west Africa left cocoa buyers scrambling to cover their positions.
Falling rice prices revive demand for OPEC-like cartel
New Delhi, 27 May 2010
Asian benchmark rice prices are set to fall further due to swelling supplies, reviving prospects of an OPEC-like cartel of key producers, the head of a leading Indian rice trading firm said on Thursday.Read more: Falling rice prices revive demand for OPEC-like cartel
China now top US ag export market: Vilsack
Washington, 21 May 2010
China bought more than $10 billion in U.S. farm goods in the first six months of the year to become the country's No 1 agricultural export market, USDA Secretary Tom Vilsack said on Thursday. In an interview with Reuters, Vilsack said farm exports during the first half of fiscal 2010 totaled $59 billion, "the best six months ag trade has had."New palm oil contracts may struggle to survive
Jakarta, 20 May 2010
Two new palm oil contracts launching in the United States and Indonesia may encounter difficulties similar to those experienced by benchmark Malaysian futures in growing liquidity. Success depends on whether planters from top palm oil producers Indonesia and Malaysia, as well as financial investors, see a justification in building up liquidity at a time of growing uncertainty in financial markets over the Eurozone debt crisis.
Cuba mulls future as sugar industry dissolves
Source: Financial Times, 18th May 2010
From sugar bowl to empty cup: it is a sign of the times that Cuba is opening up sugar production to foreign investment for the first time since the industry was nationalised in 1959 as the communist-run country seeks to reverse a relentless decline in output.
Sugar surplus knocks prices
Source: Financial Times, 13th May 2010
Global sugar prices, which hit a three-decade high earlier this year, have fallen to a one-year low on the back of a larger-than-expected sugar cane crop this year in India and bets of a bumper harvest in 2010-11.
JSE to introduce CBOT Soybean derivatives
Johannesburg, 13 May 2010
The JSE is to introduce cash-settled soybean, soymeal and soybean derivative contracts based on CBOT settlement prices licensed from CME Group. The new products will allow local farmers, processors and importers to hedge their price risk against the international benchmarks. These contracts will be listed, traded and settled by the JSE.
Prospects of bulging US grain stocks in 2011
Chicago, 12 May 2010
The U.S. Agriculture Department's supply-demand report on Tuesday (11 May) underscored that there will be ample supplies of corn and soybeans in the United States next year, which could cap rallies in futures prices.Crop stocks set to rise for third year in a row
Source: Financial Times, 11th May 2010
Global inventories of cereals, including wheat, rice and corn, will increase in 2010-11 for the third year in a row, the US Department of Agriculture said on Tuesday on its first forecast for the new crop year.
CME to request to list twelve new ag swaps
Chicago, 5 May 2010
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the submission of a petition to the Commodity Futures Trading Commission (CFTC) for approval to list twelve new agricultural swaps to be available on CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. These contracts will be listed with, and subject to, the rules and regulations of CME and CBOT.
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