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The CRB index posted a 21-year low in 1998 despite record levels in the US stock market which has rallied 13 times over in the past 21 years. During 1998, crude oil posted a 12-year low, corn posted a 10-year low, lean hogs posted a 26-year low, cotton posted a 5-year low, and sugar posted an 11-year low. The theme for the commodity markets continues to be slack global demand due to the global financial crisis and excess supply in the production markets. |
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Closes: Energy: CLG99 +.30 at 12.05; HUG99 +.0070 at .3655; HOG99 +.0066 at .3428; NGG99 +.059 at 1.945. Precious Metals: GCG99 +1.1 at 289.2; SIH99 1.5 at 502.0; PLJ99 +3.3 at 367.2. Grains: SH99 0-6 at 541-2; SMH99 2.40 at 139.40; BOH99 +.09 at 23.11; C H99 unch at 213-4; W H99 +0-2 at 276-2. Livestock: LCG99 +.05 at 60.52; FCF99 +.17 at 69.17; LHG99 .60 at 32.65; PBG999 .52 at 42.75. Softs: SBH99 .02 at 7.86; KCH99 +.60 at 117.75; CCH99 +3. at 1379.; JOH99 2.55 at 104.30. Industrials: CTH99 .08 at 60.36; HGH99 +.30 at 67.20; LBF99 +3.10 at 305.60. |
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Feb natural gas was the CRB's biggest winner last Thursday as the contract rose +.059 to settle at 1.945. On last Monday's low at 1.770, natural gas tumbled .850 (32.44%) from the Nov 9th 4-month high at 2.620. Natural gas rallied on the AGA storage report released after the close last Wednesday. The AGA report showed that natural gas storage fell 167 bcf w/w which was the highest level of withdrawals in two years. Weather fore-casts call for below-normal temperatures through most of the nation this week. Heating demand is expected to be 22% above normal in the northern Midwest and also in New York and Boston. |
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Mar orange juice was the CRB's biggest negative contributor as the contract fell 2.55 cents to 104.30. On last Thursday's 3-month low at 103.50, orange juice dropped 17.50 cents from the Dec 7th 1-month high at 121.00. Orange juice was pressured by speculation that the table oranges damaged in the recent California freeze will be squeezed for orange juice. Under normal circumstances, 80% of California oranges are sold for table consumption. The Dec USDA supply forecast for the |
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