Tuesday's decline also precedes the U.S. Energy Information Administration's weekly inventory report on Thursday. "Warming weather is contributing to a truce for now, but tomorrow's hurricane report from Dr.
NEW YORK (TheStreet) -- May natural gas futures were falling 0.6% to $4.263 per million British thermal units, down for the third straight day, as traders braced for Wednesday's hurricane report.
(Published at 11:10 am) Treasuries were falling after the Institute for Supply Management reported that its U.S. non-manufacturing index fell to 57.3 in March -- still comfortably above a reading of 50. The index hit 59.7 in February. A reading above 50 reflects growth in the sector.
May cocoa futures were falling as traders braced for a possible resolution of the political strife taking place in the world's largest cocoa producing country and a return to normal cocoa export levels. May cocoa futures were falling 1.8% to $2,967 a metric ton, pointing to the end of a two-day winning streak. On Monday, the battle over main Ivory Coast city Abidjan persisted for the fifth straight day, with fighters favoring President-elect Alassane Ouattara gaining control. The Ivory Coast has been embroiled in political turmoil. The conflict involves Laurent Gbagbo, a 10-year incumbent who refuses to step down, and Ouattara, who declared victory during the country's 2010 presidential elections and wants Gbagbo to formally resign.
Copper for May delivery was rising 0.2% to $4.26 a pound amid a two-day holiday in China and a week-long CESCO (The Center for Copper and Mining Studies)/CRU mining conference in Chile. Man Financial analyst Ed Meir said initial reports from the conference have been quite upbeat, with most speakers pointing to tight supply and healthy demand to support their "relatively rosy outlook" for prices.
Corn was weaker Tuesday morning amid technical profit-taking. May corn was falling 0.6% to $7.55 ¾ a bushel, while soybeans for May delivery were falling 0.7% to $13.74 ½ a bushel.
"Worsening U.S. crop weather is providing internal support to the wheat market," according to by Commonwealth Bank of Australia. Wheat for May delivery was flat at $7.90 ¾ a bushel.
The U.S. dollar was rising 0.4% against the euro at EUR 0.70594 and up 0.7% against the Japanese currency at 84.603 yen on speculation of U.S. monetary tightening.
The Brazilian real (BRL) was rising 0.3% against the dollar at $0.6191 as Standard Chartered Global Research raised its short and medium term ratings on the currency to overweight from underweight. "Policy makers' threshold for currency strength has increased following consolidation in Q1 (first quarter)...This suggests a lower USD-BRL range in Q2 (second quarter)," the report said. BRL 1.58 is the currency team's new end-quarter target for the U.S. dollar-Brazilian real pairing. WisdomTree Dreyfus ETF BZ Real Fund ( BZF) was trading sideways at $28.07.
(Published at 9:54 am)Treasuries were rising again, extending gains from Friday's strong employment report. The two-year note was rising 0/32, pushing the yield down to 0.766%, the ten-year note was up 6/32, lowering the yield to 3.401% and the 30-year bond was rising 14/32, pushing the yield down to 4.455%. "Bernanke's comments helped to lift Treasuries up from early losses in Asian-time and have taken the active issues back to unchanged levels as Tuesday's New York session gets underway," said Martin Mitchell, head of government trading at Stifel Nicolaus.
Moody's has slashed Portugal's sovereign debt rating by one notch to Baa1 on concerns that the country will need short-term aid ahead of a June 5 election. >>Search for Highest Dividends by Rate or Yield
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