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Aug 29, 2014

Exclusive: Famed gold bug sued for not paying trader

CHICAGO (Reuters) – Henry Jarecki, one of the world’s most prominent gold bugs, is a celebrated advocate of free markets with a legendary record in precious metals trading. But this week he became a target of a lawsuit by a young trader who alleges that Jarecki owes him at least $1 million as a share of profits from a new gold trading strategy he has developed.

The lawsuit filed on Tuesday in federal court in New York by trader Steven Lee claims that Jarecki, founder and chairman of the $15 billion commodities firm Gresham Investment Management, used his program to make profits on investments totaling as much as $400 million.

Aug 29, 2014

Famed gold bug sued for not paying trader

CHICAGO, Aug 29 (Reuters) – Henry Jarecki, one of the
world’s most prominent gold bugs, is a celebrated advocate of
free markets with a legendary record in precious metals trading.
But this week he became a target of a lawsuit by a young trader
who alleges that Jarecki owes him at least $1 million as a share
of profits from a new gold trading strategy he has developed.

The lawsuit filed on Tuesday in federal court in New York by
trader Steven Lee claims that Jarecki, founder and chairman of
the $15 billion commodities firm Gresham Investment Management,
used his program to make profits on investments totaling as much
as $400 million.

Aug 27, 2014

CME Group says CFO to retire at age 49, new CFO is 50

CHICAGO, Aug 27 (Reuters) – CME Group Inc’s
49-year-old chief financial officer will retire at the end of
the year and will be replaced by an executive who is a year
older, the world’s largest futures exchange operator said on
Wednesday.

Jamie Parisi, who has held the role of CFO for a decade,
will be replaced by his deputy, John Pietrowicz, 50, who has
worked for CME since 2003.

Aug 27, 2014

Nearby soybeans rise after hitting four-year low

CHICAGO, Aug 27 (Reuters) – Nearby U.S. soybean futures rose
after sinking to a four-year low on Wednesday, while corn
approached a four-year low set earlier this week on limited
demand for old-crop supplies ahead of massive U.S. harvests.

New-crop soybean futures traded near a contract low reached
on Tuesday as favourable weather fuelled expectations for bumper
U.S. crop yields.

Aug 25, 2014

CME says trading halt linked to software reconfigurations

CHICAGO, Aug 25 (Reuters) – CME Group Inc, the
world’s largest futures exchange operator, said it halted
trading on its electronic platform for four hours on Monday
because of a technical issue resulting from planned software
reconfigurations.

CME, which owns the Chicago Board of Trade, New York
Mercantile Exchange and other markets, made the reconfigurations
over the weekend as part of ongoing upgrades to technology, a
spokeswoman said in a statement.

Aug 22, 2014

Nearby soy rallies on low old-crop supply; MGEX wheat jumps

CHICAGO, Aug 22 (Reuters) – Nearby U.S. soybean futures
climbed to a one-week high on Friday as U.S. processors
scrambled to find scarce old-crop supplies, with the start of
the next harvest still at least a month away in the Midwest.

MGEX spring wheat futures touched a two-week high amid
concerns about excessive rains hurting crops in key production
areas of the northern U.S. Plains. New-crop corn and soybeans,
meanwhile, crept higher, although expectations for large
harvests limited gains.

Aug 21, 2014

Markets rebound from losses, contract low in soy

CHICAGO, Aug 21 (Reuters) – U.S. grain futures edged higher
on Thursday in a rebound from losses the previous session, with
solid export sales helping to support the recovery.
Soybeans rose as some traders bought back previously sold,
or short, positions after the new-crop contract matched a low
set on Wednesday.
Expectations for massive U.S. corn and soy harvests, which
have pressured prices recently, limited gains as traders
continued to focus on a private U.S. crop tour that has
projected bumper yields in key states.
The Pro Farmer Midwest Crop Tour entered its final day with
participants scouting fields in Iowa and Minnesota. Pro Farmer’s
editors will release their estimates of total U.S. crop
production on Friday.
The tour gives traders confidence that the U.S. Department
of Agriculture will likely increase its yield forecasts in the
coming months, said Don Roose, president of U.S. Commodities, a
brokerage in Iowa.
The tour on Wednesday projected the corn yield in Illinois
at a record 196.96 bushels per acre, above the USDA’s last
estimate of 188 bushels.
Chicago Board of Trade December corn, which represents the
crop that will be harvested this autumn, rose 0.5 percent to
$3.69-1/2 a bushel by 10:45 a.m. CDT (1545 GMT), having slid 1.3
percent in the previous session.
Nearby September soybeans rose 1 percent to $11.31 a
bushel amid strong demand for old-crop supplies from U.S.
processors. New-crop November soybeans were up 0.4 percent
to $10.42-1/2 a bushel after hitting a contract low of $10.35.
Export sales helped fuel the rebound in new-crop prices as
demand was “still decent” for corn and stronger than expected
for soybeans, Roose said.
Weekly U.S. soybean export sales last week were 1.3 million
tonnes, according to the USDA, above expectations for 850,000 to
1.15 million tonnes. Corn export sales of 819,100 tonnes were
within analysts’ estimates, while wheat export sales of 209,200
tonnes were below expectations.
December wheat gained 0.9 percent to $5.54-3/4 a
bushel, having closed down 1.5 percent on Wednesday.
Farmers in Canada, which competes with the United States for
export business, are on course to produce less wheat than
expected, according to Statistics Canada.
France, the EU’s top exporter, has been forced to import
wheat as rain has hurt the quality of its crop.

Prices at 10:37 a.m. CDT (1537 GMT)

LAST NET PCT
CHG CHG
CBOT corn 369.50 2.00 0.5%
CBOT soy 1129.00 9.25 0.8%
CBOT meal 408.70 6.10 1.5%
CBOT soyoil 33.04 0.18 0.6%
CBOT wheat 555.75 5.75 1.1%

Aug 20, 2014

New-crop soy hits contract low as U.S. tour sees big yields

CHICAGO, Aug 20 (Reuters) – New-crop U.S. soybean futures touched a new
contract low on Wednesday and corn slid as a closely watched crop tour projected
hefty U.S. yields in key states and forecasts for rain fuelled massive harvest
expectations.

Wheat retreated from gains on Tuesday as concerns eased about the risk of
reduced supplies from Ukraine, a leading grain exporter.

Aug 19, 2014

Wheat rises on Ukraine supply concerns; new-crop soy dips

CHICAGO, Aug 19 (Reuters) – U.S. wheat futures advanced on
Tuesday on concerns about reduced supplies from Ukraine, a major
exporter, while new-crop soybeans slipped as a widely watched
crop tour projected bumper U.S. harvests.

Traders focused on Ukraine, expected to be the world’s
second-largest grain exporter in the 2014/15 marketing year, as
a spokesman for the prime minister said the country will lose 15
percent of its grain crop in two violence-hit regions.

Aug 18, 2014

Wheat slips on easing concerns over Black Sea supplies

CHICAGO, Aug 18 (Reuters) – U.S. wheat futures slid 1.5
percent on Monday, giving back some of the strong gains made in
the previous two sessions, as fears of potential supply
disruptions from the Black Sea region eased.
New-crop corn and soybeans dipped were little changed as
traders awaited results from an annual U.S. crop tour.
Tensions between Russia and Ukraine influence the grain
markets because the countries are major exporters of wheat and
corn. Their conflict was viewed as less heated following talks
among Russia, Germany, France and Ukraine on Sunday.
“We went home Friday thinking the Ukrainians and Russians
would be at each other’s throats today,” said Jim Gerlach,
president of A/C Trading. “It looks like they de-escalated a bit
over the weekend.”
Russia said all objections to it sending a humanitarian
convoy to Ukraine had been resolved, but no progress was made
toward a ceasefire between government and rebel forces in the
east of the country.
Chicago Board of Trade December wheat lost 1.5 percent
to $5.55 a bushel by 10:10 a.m. CDT (1510 GMT), after climbing
more than 4 percent in the previous two sessions.
December corn dropped 0.6 percent to $3.74-3/4 a
bushel after rising on Friday to a nearly one-month high of
$3.79-3/4 a bushel. November soybeans slipped 0.1 percent
to $10.51-1/2 a bushel.
U.S. rains reduced concerns about dry crops areas, weighing
on the corn and soy markets, Gerlach said.
A private U.S. crop tour this week is expected to find corn
and soy yields are higher than the U.S. Department of
Agriculture estimated in a crop report last week. About 130 crop
scouts will participate in the Pro Farmer Midwest Crop Tour,
which began surveying fields on Monday.
Expectations for record-large harvests should pressure
prices, after corn futures last week posted their biggest weekly
gain in five months.
“Ultimately this little bounce we had it going to fizzle
out,” Gerlach said.

Prices at 10:08 a.m. CDT (1508 GMT)

LAST NET PCT YTD
CHG CHG CHG
CBOT corn 374.25 -2.75 -0.7% -11.3%
CBOT soy 1051.75 -0.25 0.0% -19.9%
CBOT meal 388.20 -0.10 0.0% -11.3%
CBOT soyoil 33.15 0.28 0.9% -14.6%
CBOT wheat 554.00 -9.50 -1.7% -8.5%
CBOT rice 1297.50 7.00 0.5% -16.3%
EU wheat 171.75 -2.00 -1.2% -17.8%