Metals – Market Recap – July 29,2009

Commitment of Traders as of July 24,2009

Bloomberg (Reported 7.29.09):

”July 29 (Bloomberg) -- Gold was little changed, reversing earlier gains, as a rising U.S. currency reduced the appeal of raw materials priced in dollars.

Bullion rose earlier after U.S. stocks fell yesterday as consumer confidence trailed projections and companies posted worse-than-expected results, fueling safe-haven demand for the precious metal. Gold tumbled by the most since June 5 yesterday as the Dollar Index, a six-currency gauge of the greenback’s value, rebounded from a 2009 low. ” Gold Little Changed as Dollar Advance Cools Safe-Haven Demand

Reuters (Reported 7.29.09):

“TOKYO, July 29 (Reuters) - Gold steadied on light physical buying on Wednesday, paring the previous day's decline on receding risk tolerance after a weak U.S. confidence reading suggested consumer demand would languish for some time to come.” PRECIOUS-Gold steady a day after drop, ETF falls

Wall Street Journal (Reported 7.29.09):

“Thinly traded nearby July gold lost $14.30, or 1.5%, to settle at $939 an ounce on the Comex division of the New York Mercantile Exchange. The most-active December contract fell $14.60 to settle at $941.70.” Gold Futures Retreat to $939

NS Futures (Reported 7.29.09):

“Higher dollar, soft US numbers & weak equities gives the bears control…”
”While the gold market shouldn’t be surprised by the World Gold Council Central Bank gold sales report that was released overnight, the mere mention of the central bank gold sales issue typically cheers the bear camp…”  Full Report

ScotiaMocatta (Reported 7.28.09):

“Gold opened at 950.00/951.00 and was well bid as the session got underway, peaking at 953.00/954.00. However as equity markets slumped the metal tumbled and it was quickly swept lower, finding support near 940.00. Gold recovered but traded within a range until more heavy selling dragged the metal to an intraday low of 933.50/934.50. A small correction near the latter end of the day carried it marginally higher to finally settle at 938.25/939.35.” Full Report

Softs – Midday Commentary – July 28,2009
KC WHEAT CONTINUES BOUNCE HIGHER
Kansas City wheat futures continued to bounce higher this morning, despite a stronger U.S. dollar and no real news in the marketplace, according to traders.  Some screen buying started coming into the marketplace here at midday traders, said, inspiring further buying in the pit.  The market continues to feel oversold and has little selling interest at lower levels.
The Hard Red Spring wheat tour kicked off today in North Dakota.  Japan is tendering for 144,000 metric tones of wheat in a routine tender.
KC Sep wheat was 7 ¼ cents higher at $5.59 at midday.
CASH GRAIN:  The basis feels firm with not a lot of cars around, traders said.
:KCBT wheat volume/open interest for July 27
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09         6143      1604         38900         +269
Dec-09         3606        404        38478          +926
Mar-10           357         120          7258            +89
May-10             20             0          1194               -5
Jul-10             167             0        10510           +14
Sep-10             13             0             199             +4
Dec-10             16             0           1307           +14
Mar-11               0              0                0              +0
May-11               0              0               0               +0
Jul-11                 0              0           121               +0
Sep-11               0              0                0               +0
TOTAL        10322       2128        97967      +1311

Provided by: KCBT

Metals – Market Recap – July 28,2009

Commitment of Traders as of July 24,2009

Bloomberg (Reported 7.28.09):

”July 28 (Bloomberg) -- Gold gained in Asia, reversing an earlier decline, as the dollar traded near the lowest level in seven weeks against the euro and rising stocks and positive economic data spurred inflations concerns.

Bullion rose for a third day as acceleration in China’s economic growth and better-than-expected U.S. earnings have helped to propel the MSCI Asia Pacific Index, which rose for an 11th consecutive day. An upturn in crude oil also fueled interest in the precious metal. ” Gold Gains in Asia, Reverses Drop, as Dollar Near 7-Week Low

Reuters (Reported 7.28.09):

“TOKYO, July 28 (Reuters) - Gold steadied above $950 per ounce on Tuesday but was off the previous day's 6-½   week high as caution returned after prices neared $960. Gold has mostly moved in a range of $945-$960 per ounce for the past week with strong technical resistance towards the $960 level, which was last touched on June 11. Gains have also been capped by weak physical demand.” PRECIOUS-Gold holds above $950/oz, ETF steady

NS Futures (Reported 7.27.09):

“Weaker dollar & up beat economic views gives the bulls control today…”  Full Report

ScotiaMocatta (Reported 7.27.09):

“Gold opened at 955.25/956.25 and initially slipped, but later recovered on the back of investor demand, climbing to an intraday high of 957.25/958.25. The dollar continued to rally on the back of better than expect new home sales causing gold to tick lower. Support was established near 952.00 and gold traded lightly within a range as the market went quiet. Softer oil prices inspired more selling, dragging the metal to a low of 950.50/951.50 and it moved sideways as the session unwound, closing at 953.25/954.25.” Full Report

Softs – Midday Commentary – July 27,2009

KCBT MIDDAY COMMENTARY 07/27/2009
MIXED TRADE IN KC WHEAT FUTURES
Kansas City wheat futures traded mixed this morning, after starting lower but not finding selling interest towards the lower end of a recent trading range, according to traders.  A little buying interest gave the market a boost back higher, traders said, finding some small support.
USDA weekly wheat export inspections were estimated at 10.6 million metric tones, traders said, a disappointing number. 
In other news, the Hard Red Spring wheat tour sponsored by the Wheat Quality Council kicks off tomorrow, traders said.
KC Sep wheat was 2 ¼ cents higher at $5.51 ¼.
CASH GRAIN:  There was no cash grain report available this morning.
:KCBT wheat volume/open interest for July 24
     In contracts
  Wheat     Volume     Exchs     Open-Int     Change
Sep-09        7226        1950        38631           -918
Dec-09        2998            18        37552           +770
Mar-10           569         120         7169            +169
May-10            74              0         1199                 -8
Jul-10            293              0        10496                -2
Sep-10             17             0            195                 -4
Dec-10             17             0         1293              +11
Mar-11               0             0                0                +0
May-11              0              0                0               +0
Jul-11                 0             0            121               +0
Sep-11               0             0                 0               +0
TOTAL        11194      2088        96656             +18

Provided by KCBT

Metals – Market Recap – July 27,2009

Commitment of Traders as of July 24,2009

Bloomberg (Reported 7.27.09):

“July 27 (Bloomberg) -- Gold climbed in Asia, trading near the highest in six weeks, as gains in regional equities and oil helped to boost demand for the precious metal.

Bullion gained as much as 0.5 percent as the MSCI Asia Pacific Index of equities climbed for a 10th day to its longest winning streak since 2004 on confidence a rebound in regional economies will boost earnings. Crude oil advanced to a three- week high on expectations the equity gains are a precursor to a recovery in the global economy.” Gold Advances to Near Six-Week High as Equities, Oil Advance


Reuters (Reported 7.27.09):

“TOKYO, July 27 (Reuters) - Gold rose on Monday as the dollar stayed weaker, underpinning investors' demand for bullion as a hedge against the U.S. currency. The dollar hovered near recent lows against the euro, weighed down by a recovery in risk appetite as stock markets in the region added to their recent gains.” PRECIOUS-Gold up on weak dlr, ETF holdings steady

NS Futures (Reported 7.24.09):

“Like the stock markets, gold & silver have an overbought feeling today…” 
“Once again the gold market saw news of increased gold production from the key gold miner, but the market also saw a rather significant increase in Russian gold output and that might be somewhat more difficult to discount…”  Full Report

ScotiaMocatta (Reported 7.24.09):

“Gold opened at 950.50/951.50 in New York. It was lightly bid as the session began reaching its intraday high of 954.00/955.00 on the back of rallying oil prices. However, this move was reversed as oil prices retreated, dragging gold to its intraday low of 950.25/951.25. It ticked higher from its lows on thin trading as the market went quiet for the remainder of the session, finally settling at 952.75/953.75.” Full Report

Soft – Market Recap – July 24,2009

KCBT WHEAT LOWER IN CONSOLIDATION-TYPE TRADE
Kansas City wheat futures saw low volume trading this morning after a mixed opening. The market has fallen under pressure in a consolidation-type trading, traders said.

Weakness in Chicago corn and soybean pricing was weighing on KCBT wheat prices. Spread trades were light with Sep/Dec at 16 1/2 to 16 3/4 cents.

KC Sep wheat was 6 1/2 cents lower at $5.55.  

CASH GRAIN: The cash market was a little firmer today, with some stability in the market, traders said. Bids were a little bit stronger.
KCBT wheat volume/open interest for July 23
     In contracts

  Wheat     Volume     Exchs     Open-Int     Change
Sep-09       6317      764        39549       +248
Dec-09       2290        69        36782       +221
Mar-10         361          0           7000          -99
May-10         146          0          1207          -11
Jul-10           348          0        10498          -85
Sep-10           17          0            199            +0
Dec-10           14          0          1282             -2
Mar-11             0          0                 0            +0
May-11             0          0                 0           +0
Jul-11               0          0             121           +0
Sep-11             0          0                 0            +0
TOTAL        9493     833        96638        +272

Provided by:KCBT