Tuesday, July 10, 2012

News Headlines 10th July 2012

"U.S. stocks on Monday lost ground for a third session, the longest such streak in more than a month, after Spanish bond yields rose to levels viewed as unsustainable and ahead of earnings from Alcoa Inc. The Dow Jones Industrial Average DJIA -0.28%  ended down 36.18 points, or 0.3%, at 12,736.29. It’s lost more than 207 points over the last three sessions. The S&P 500 Index SPX -0.16%  declined 2.22 points, or 0.2%, at 1,352.46, with natural-resource stocks the hardest hit and health care the best performing of its 10 industry groups. As with the Dow, the S&P 500 has fallen for three straight days, the first such streak since early June. The Nasdaq Composite Index COMP -0.19% shed 5.56 points, or 0.2%, at 2,931.77."

"Asian stocks rose early Tuesday, shrugging off a weak lead from Wall Street, after European leaders agreed to throw a fresh lifeline to Spain. Japan’s Nikkei Stock Average JP:100000018 +0.74%  rose 0.6%, Australia’s S&P/ASX 200 index AU:XJO +0.43%  added 0.3%, and South Korea’s Kospi KR:SEU +0.19%  gained 0.2%. The gains in Asia come despite U.S. stocks sealing a three-session losing streak on Monday, as Spain’s bond yields jumped above 7% and reignited euro-zone concerns. Borrowing costs above that level preceded bailouts for Ireland, Portugal and Greece."
"-Oil production from the Organization of the Petroleum Exporting Countries slipped by 30,000 barrels per day in June from a month earlier on the back of a 150,000 barrels-per-day drop in Iranian output, according to a Platts survey of OPEC and oil industry officials and analysts released Monday. The survey showed that total OPEC production averaged 31.72 million barrels per day in June, from an estimated 31.75 million in May."
"-August Soybeans finished up 39 1/2 at 1606 3/4, 18 3/4 off the high and 23 1/4 up from the low. November Soybeans closed up 42 at 1547 3/4. This was 25 1/4 up from the low and 23 1/2 off the high. August Soymeal closed up 12.5 at 474.0. This was 6.7 up from the low and 5.3 off the high. August Soybean Oil finished up 1.12 at 54.56, 0.63 off the high and 0.92 up from the low. The soybean market traded sharply higher on the day with July soybeans setting a new all-time high of 16.79 1/2. August soybean oil rose $1.12 while soybean meal traded $12 higher. The lack of rain for the heart of the Midwest for the next week after the extreme heat of last week has traders expecting sharply lower yield potential for the soybean crop and this has sparked the aggressive buying in soybeans and corn. Weather maps are showing a break from the record heat this week, but mostly dry conditions. The southeast and delta are expected to see showers this week but coverage and accumulation is expected to be low. None-the-less, the rainfall should be beneficial to soybeans in these regions. Traders look for crop conditions for tonight's update to show good to excellent ratings drop to just 40% from 45% last week for the soybean crop and this compares with 66% last year and 64% as the 10-year average. Weekly export inspections came in at 18.9 million bushels as compared with 13.89 million last week and 12 million necessary each week to reach the USDA projection for the year. Outside markets provided a mixed tone with the U.S. Dollar trading lower, stocks were lower, and energies higher on the day."

Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.


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