Chicago | Reuters — U.S. live cattle futures climbed to a nine-month high on Tuesday, extending gains from the previous session on chart-based and investment fund buying, traders and analysts said. Feeder cattle and lean hog futures also rose at the Chicago Mercantile Exchange, with feeders reaching the highest levels since August. Trading limits in […] Read more
U.S. livestock: Cattle limit up on technical buying
U.S. grains: Wheat jumps on short-covering
Chicago | Reuters — Chicago Board of Trade wheat futures climbed more than one per cent on Monday as traders covered short positions following U.S. regulatory data last week showing an unexpectedly large build in bearish wheat bets. Soybean and corn futures both were flat to narrowly mixed in thin-volume trading, with some soybean contracts […] Read more
First U.S. trader convicted of spoofing sentenced to jail
Chicago | Reuters — A U.S. judge sentenced futures trader Michael Coscia to three years in prison on Wednesday, a lighter punishment than prosecutors had sought for the first person criminally convicted of the manipulative trading practice of spoofing. Coscia also was sentenced to two years of supervised release from jail, in a case that […] Read more
U.S. grains: Weather woes support wheat
Chicago | Reuters — U.S. corn futures rose to a three-week high on Monday, their eighth day of gains over nine sessions, supported by a round of short covering, traders said. Chicago Board of Trade soft red winter wheat futures hit their highest since Feb. 4 on concerns that dry weather in the U.S. Plains […] Read more
U.S. grains: Short-covering supports corn, soy, wheat
Chicago | Reuters — U.S. corn, soybean and wheat futures rose for the fourth day in a row on Monday, supported by a round of short-covering after regulatory data released on Friday afternoon showed that speculators had built the biggest net short on record in all three commodities. But prices closed well off their session […] Read more
U.S. grains: Prices rise on short-covering, slow loadings in Brazil
Chicago | Reuters –– U.S. soybean futures climbed to a 1-1/2-week high on Tuesday while wheat and corn each gained about one per cent, boosted by investor short-covering and a backlog of export loadings at Brazilian ports. Prices rose as trade resumed following a three-day weekend due to Monday’s U.S. Presidents Day holiday. They were […] Read more
USDA grains report catches speculators leaning wrong way
Washington | Reuters — Grains market speculators who had built massive short positions in recent months were caught leaning the wrong way after the U.S. government cut its corn and soy harvest views, as well as its wheat planting estimate, in reports released on Tuesday. Although the overall fundamental picture remains bleak, the bearish bets […] Read more
U.S. regulators revise proposal on commodity position limits
Chicago | Reuters — U.S. derivatives regulators are revising their proposal to limit the positions that traders can hold in commodity markets to make it easier for some hedge funds and banks to keep large trades. The Commodity Futures Trading Commission wants to allow financial firms to count their market positions separately from subsidiaries if […] Read more
MF Global officials settle lawsuit for US$64.5M
New York | Reuters — Jon Corzine and other former MF Global Holdings officials have reached a US$64.5 million settlement of litigation brought by investors seeking to hold them liable for the now-defunct futures brokerage’s 2011 bankruptcy. The all-cash settlement with Corzine, who was MF Global’s chief executive and previously New Jersey’s governor, and nine […] Read more
CME’s futures pit closures delayed to July 6 or later
Chicago | Reuters –– CME Group said Tuesday it will delay the closure of its open-outcry futures markets in Chicago and New York by at least one trading day due to a technical revision in its filing with the U.S. Commodity Futures Trading Commission. The final open-outcry session is now expected to be on July […] Read more
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