• Linkdin

Offers push up cotton futures last week

11 Jun '07
3 min read

In other markets, the CRB lost nearly 700 points last week mostly on Friday. The index closed 900 points below Monday's highs. Gold lost $16 and silver 70 cents on the same interest rate fears that clobbered stocks.

Despite a sharp sell off on Friday that was triggered by the biggest drop in Malaysian palm oil prices in three years, CBOT soybeans still closed 4 to 7 cents higher. Nearby corn lost 4 3/4 for the week while new crop December corn gained 9 1/4 cents.

After closing at record highs last Monday, stocks dropped sharply the remainder of the week. Both the Dow Industrials and broader S&P lost the best part of two percent. A jump in yields triggered the sharp stock market dip last week. This week traders will be watching to see if the market retreat was justified.

This weeks economic calendar is chock full of important inflation data. A key factor in deciding whether stocks have just paused or whether a more serious correction is threatened by interest rates will be this week's reports on producer and consumer costs. The Fed has kept interest rates steady since last summer, after two years of increases.

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