U.S. light, sweet crude futures were up just over a dollar today after positive sentinment arising out of the U.S. economy. The U.S. housing index figures released today provided investors with some promise that corporations are willing to bet on housing prices rising in the near future. Gas prices in the U.S. are at a record high for this time of the year with a national average at $3.842, up 57 cents from the start of the year. Brent crude futures finished slightly down but still above $125.
Gold responded this week to last week’s drop by finishing on the positive side today and just above $1664 at the time of this report.
Saskatchewan based grain handler Viterra Inc.is on the verge of being acquired by Glencore International, Agrium Inc. and Richardson International Ltd. The deal is reported to be valued at around $6.86 billion . Glencore, the world’s largest public commodity supplier, is also trying to acquire Xstrata Plc, a Swiss metals and coal producer with operations in Australia, South Africa, Germany, Argentina, and the U.K.
Today was an important day for copper, as U.S. housing data was released and construction takes up a large chunk of domestic copper demand. Copper finished higher at 3.9100s as investors believe that today’s report and figures released later in the week will show an improving housing and construction climate.
Soybean futures finished lower on Monday despite continued concerns about weather in South America. Corn and wheat futures also finished lower as rains moved across the Central United States. Hog futures finished higher in up and down trading and both light and feeder cattle futures finished down as well