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Futures File compiles commodities news

Oklahoman Published: June 29, 2014

Here is this week’s edition of Futures File, our weekly commodities wrap-up:

U.S. crude flows abroad

News that the Obama administration is paving the way for an increase in oil exports for first time in nearly forty years provides more evidence of high production and ample supplies in North America. The complicated move, involving the Commerce Department and many technicalities may be more symbolic at this stage than an overall lifting of export bans, but has been heralded by some as a fundamental change in the U.S. oil market policy.

Easing of tensions in Iraq, increased output from Libya, and lackluster domestic economic data contributed to lower prices for crude oil and its products this week. The peak of demand for gasoline is typically around the upcoming 4th of July holiday, while demand for diesel fuel may ebb as builders and farmers have likely already purchased fuel to meet their spring and early summer needs.

By midday Friday, August crude oil was trading slightly lower on the week at $105.50 per barrel, while gasoline and diesel fuel each were cheaper by a few cents per gallon as well.

Grains wait for USDA

Midday Monday, the USDA will release two key reports about the grain markets, which will be closely watched by farmers, consumers, and traders. The Planted Acreage Report will give the USDA’s estimate of how much corn, soybeans, and spring wheat were planted throughout the US this spring, while the Quarterly Grain Stocks Report will tally current American stockpiles of the grains.

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