Daily Commodity Roundup: Corn Spikes On Hot Weather, Cocoa Crashes On Jobs Data

Most equities took a crushing blow today, as weak data led to downward pressure on all of the major benchmarks. Though many commodities were able to stand their ground during today’s sell-off, like gold which gained 0.8% to sit at just under $1,550 per ounce, others were not so lucky. After having several strong days in succession, crude oil closed out its shortened trading week by dropping 2.3% to $96.4 per barrel. Today derailed the market strength that had been persisting since the end of June, when investors and analysts started to gain glimpses of optimism for an economic recovery. But with earnings season kicking off next week, data from hundreds of market-leading companies could turn stocks around, or send them spiraling further down to start the second half of the year.

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Daily Commodity Roundup: Sugar Soars On Crop Outlook, Natural Gas Falls On Supply Report

Today saw equities return to their winning ways, as positive data from around the country pushed major indexes higher, with the S&P 500 tacking on 14 more points in today’s trading session. A healthy jobs report pointed towards more hiring around the nation, and hopefully to a stronger recovery, as the process has been lagging thus far. The commodity world saw yet another strong day as the majority of individual contracts saw gains on good data and a further weakening U.S. dollar. The UBS Bloomberg CMCI index gained 34.5 points along with the RJ/CRB Commodity benchmark which jumped 6 points on the strong commodity performance for the day.

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Daily Commodity Roundup: Natural Gas Tumbles On Weather Outlook, Silver Rises On Safe Haven Demand

American equity markets rose modestly in Wednesday trading as worries over Greece and Portugal were overshadowed by solid performances out of blue chips in the consumer and the technology sectors. International markets were more mixed, however, as European indexes saw red across the board while Asia saw gains in Japan and Australia, but losses in India and China. In currency markets, the U.S. dollar gained against most of its major counterparts, led by a 1% gain against both the euro and British pound, ahead of the key central bank meetings for both of these currencies tomorrow. This made it a rough day for many commodities as the UBS Bloomberg CMCI, the RJ/CRB Commodity, and the Rogers International indexes all saw losses on the day, although the S&P GSCI index did manage to rise by about 11 points in the session. 

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Daily Commodity Roundup: Wheat Soars While Cotton Sputters

Today saw markets at a standstill after one of the strongest weeks in 2011, with major indexes regaining much of the ground that was lost over the last few months. But just as the celebrating of the Greek austerity package went underway, Moody’s cut its debt rating for Portugal, pushing stocks back lower in Tuesday trading. Commodities, on the other hand, had very strong days led by strength in the metal and energy markets. Oil and gold were two of the big winners with both gaining around 2%, with gold shooting back above the $1,500 per ounce level, which it briefly dipped below at the close of last week. In this shortened holiday week, investors hope to see July start off with the same momentum that June ended with, but continuing worries from the euro-zone may reverse the bullish trend that has been exhibited in the past few trading sessions.

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Daily Commodity Roundup: Corn Freefalls As Copper Surges To Nine-Week High

After a rough couple of weeks, markets have finally pushed their way back on track with their fourth straight winning day, as the S&P 500 jumped over 1% on strong Chicago PMI numbers and declining unemployment claims to end the quarter. Though investors are experiencing déjà vu with yet another Greek austerity package, we can only sit back and hope that it turns out better this time around and that the highly indebted country is able to get its act together with this latest round of measures. The U.S. dollar saw a dip of approximately 0.37% on the day, giving numerous commodities a healthy boost, though arguably the most popular commodity, gold, dipped just below the $1,500 per ounce mark to close out the first half of 2011 thanks to declining levels of risk aversion [see also Don’t Fight The Curve: Five Commodity ETFs in Backwardation].

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