Commodities on the Move: Wheat, Oil, Coffee, Hogs Gain
By Kristina Zurla Landgraf • Aug 2nd, 2010 • Category: MF Global in the News, Market UpdatesCommodities are on the move! Scorching temperatures in Eastern Europe have pushed CBOT wheat futures above $7 a bushel, the highest price since 2008. During July, wheat prices advanced 38 percent, the biggest monthly gain since 1973. Corn and soybeans also piggybacked onto the rally.
In the softs space, coffee futures hit a 12-year high, topping $1.80 per pound on the ICE Exchange.
Meanwhile, crude oil topped $80 a barrel for the first time since May on earnings optimism and a better-than-expected manufacturing report from the Institute of Supply Management.
None of these markets is actually the best performing commodity so far this year–it’s lean hogs. This year’s herd is smaller as the recession in 2008-2009 caused farmers to cull their stock, and meatpackers are processing less.
See the latest year-to-date commodity market performers from Finvitz.
Source: Finviz.com.
