Agriculture

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Source: Dukascopy Bank
© Dukascopy Bank
Rural commodities were mixed with advancing sugar and coffee and falling grains amid broadly lower US Dollar. Wheat and corn futures came under pressure as US planting conditions improved after rains and as Russia announced it would not impose any restriction on the grain exports this year. However, adverse crop conditions in the EU and drought in Brazil may create a lift for the grains. Sugar futures attempted to balance an increase in India's sugar output and a decrease in the Brazilian raw sugar production. Ample global sugar stocks also capped the upswing of the commodity. Meanwhile, coffee gained a spree as Brazilian coffee output declined by 7% in the period between October and March. However, coffee outlook remains bleak as supplies are expected to outplace demand by 1 million bags this season.

Tie between wheat and the Dow Jones-UBS Industry Metals Index (DJUBINTR) soared from 0.05 to 0.30 on the improved economic situation in the Euro Zone. At the same time, connection between wheat and sugar strengthened from 0.23 to 0.37 while its relationship with coffee advanced from 0.20 to 0.29 amid persistent drought in Brazil. Wheat's correlation with corn was steady at 0.85 whereas its alternation with EUR/USD hit minus 0.07.


© Dukascopy Bank
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Wed, 21 Mar 2012 07:10:21 GMT

Building permits rose more than expected in February

Housing start ups settled close to 3-year record high in February indicating that sector is stabilizing, Commercial Department said on Tuesday. The number of new home start ups was at annual 698 000 matching analyst expectations. Meanwhile building permits unexpectedly surged to annual 717 000, the highest reading since October 2008. Economists earlier predicted an increase to annual 686 000.

Tue, 20 Mar 2012 18:44:27 GMT

Energy

Energy commodities were mixed on Monday amid depreciating US Dollar and lingering supply disruption concerns. Brent and crude oil continued to be exposed to the key macroeconomic data from the US and China. Fed announcement that the US economy still faces challenges on its way to recovery created downward pressure on the commodity group. At the same time, escalated geopolitical

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