Commodity Night Cap: Gold, Silver, Industrial Metals And Oil Rally Strongly

Wheat - was down for the third day in a row on favorable weather and carry over supply concerns from yesterday.  July futures were down 5 cents to $5.0625 a bushel and September was down 5.25 cents to $5.3540.

Corn - rebounded today after a lock limit down day yesterday.  Prices for December futures rose 2 cents after beginning the day down to finish at $3.6925 per bushel.  Corn closed out June losing about 17 percent which was its worst performance since last year in September.

Soybeans - were up strong today and ran forward the most in almost four weeks on speculation that market demand and supply reactions as of late have been a bit knee jerk.  November beans were up 34.5 cents, 3.5%, to $10.155 a bushel.  Domestic stockpiles for soybeans may hit 32 year lows according to USDA estimates released last month.

Sugar - was down again today as July contracts fell back .12 to 16.81 and October fell .10 to 17.75.

Cocoa - continued on its downward slide today.  July futures ended $10 lower to $2,477 while September dropped $6 to close out at $2,504.

Orange Juice - for September delivery was up 1.4 percent today and closed at 79.95 cents a pound.

Coffee - prices fell for the second time in as many days due to increasing calmness in Honduras and estimates that Brazil’s crop may be robust relative to previous estimates.  Due to the biennial cycle of Arabica trees the crop from Brazil is supposed to be lower this year, however estimates seem to have undershot the harvest by about 11%.  September futures dropped .85 cent to $1.1905 a pound.

Pork Bellies - came off of seasonal lows from yesterday and finished the day mostly up.  July futures closed 110 points better than they started and settled at 55.40 by the bell.  August was also up, moving 32 points to 56.02 cents per pound.

Lean Hogs - traders moved to close out short positions ahead of the holiday in the US and began to spread out of August.  As the market cleared speculators came back to the market and helped July futures up 57 points to 59.25 cents per pound.  August was up slightly moving 5 points to finish at 60.70 cents.

Live Cattle - finished up ahead of Independence Day as traders moved passed weak wholesale beef demand and overbought technical conditions.  August futures closed up 50 and October up 60 points to close at 85.750 and 90.775 cents per pound respectively.

Feeder Cattle - live cattle’s gains lead feeder’s higher as spot cash buyers and packers battled over prices.  August futures were up 95 cents to 103.77 near nine month highs while September moved .375 to 120.175 cents per pound.

Gold - prices rallied more today than any other time during the past week.   After losing the last two sessions, a weak US dollar finally was able to lift the precious metal for August delivery by $13.90 an ounce to $941.30.  Many traders came back to gold as US unemployment figures were worse than estimated and on concerns over US Dollar inflation.

Silver - is up around 22 percent in the first 6 months of 2009 and was able to add another up day to its track record.  Silver followed gold higher on a weak US dollar and picked up 16 cents to close at $13.760 an ounce for September delivery.

Platinum - rose $19.80 to $1,205.10 for October delivery on a weaker dollar and speculation that China’s demand will increase on a global auto recovery.

Palladium - like platinum, palladium rose today and September futures gained $3.90, or 1.6%, to close at $254.85.  Palladium is up 35 percent for the year completed thus far and was able to gain 5.7 percent in June.

Copper- futures for September delivery gained 5.85 cents to $2.3305 a pound and July contracts moved up 5.7 cents to $2.3150.  Today’s move marked the biggest gain for a most active contract in a week as concerns over a global economic recovery have weighed heavily on the market.  The move today was largely driven today by news out of China that manufacturing had expanded; China is the largest consumer of copper in the world.

Crude Oil - a sharper than expected drop in US crude oil inventories helped to propel oil forward as August contracts gained $1.71 to close at $71.60 a barrel.  A weaker dollar also helped fuel the gains in for oil.

Natural Gas - near term natural gas contracts were all down today on concerns supply would far exceed demand.  August through November declined today losing anywhere from 4 cents to 1 cent per million BTU’s.  August contracts lost 4 cents to close at $3.795 while September lost 3.8 cents to close at $3.944.

Gasoline RBOB - July contracts expired today and settled at $1.8972 per gallon.  August futures became the new front month and on their first day in the position rose 3.95 cents, roughly 2%, to close at $1.9415.

Heating Oil - August heating oil was up nearly as much as August RBOB and gained the same 2% as it climbed 3.67 cents to $1.8244 per gallon.

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