Aug. 29 (Bloomberg) — The following are the top stories on metals, agriculture and shipping.

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ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
(NY)
GDP QoQ (Annualized) 2Q S 1.1% 1.3% 8:30
Personal Income JUL 0.3% 0.1% 8:30
Personal Spending JUL 0.5% -0.2% 8:30
PCE Deflator YoY JUL 2.7% 2.6% 8:30
PCE Core MoM JUL 0.2% 0.1% 8:30
PCE Core YoY JUL 1.4% 1.3% 8:30
Pending Home Sales MoM JUL -0.9% 2.4% 10:00
Pending Home Sales YoY JUL 13.6% 17.3% 10:00
Dallas Fed Mfg. Activity JUL -8.5% -2.0% 10:30
Export Inspections-Corn AUG 25 29.51 11:00
Export Inspections-Soybeans AUG 25 10.85 11:00
Export Inspections-Wheat Aug 25 17.42 11:00
Crop Condition-Corn AUG 26 57% 16:00
Crop Condition-Soybeans AUG 26 59% 16:00
Crop Condition-Cotton AUG 26 31% 16:00
Metal Prices: ($/ton)
Last % Chg RSI
Copper 9,075 +0.5 50
Aluminum 2,378 +0.5 40
Zinc 2,247 +0.9 49
Lead 2,485 +3.5 54
Nickel 21,450 +2.9 43
Tin 23,805 +1.9 43
Other Markets:
Last % Chg % YTD
US Dollar Index 73.719 -0.7 -6.7
Crude Oil $85.37 +0.1 -6.6
Gold $1,797.30 +1.9 +26
MSCI World Index 1,163.02 +0.7 -9.1
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TOP STORY: Hedge Funds Boost Bullish Agriculture Bets as Yields May Slump

Speculators increased bullish bets on agricultural commodities to the highest level since early May after adverse weather eroded yield prospects for corn and soybean crops in the US, the worlds top grower and exporter.

COMMODITY EXCLUSIVES:

Texas Dust Bowl Drives Cotton Rally as Rick Perry Prays for Rain

The worst US crop conditions since the dust bowl era of the 1930s are tightening domestic supplies of cotton and boosting prospects for a rebound in prices that fell more than any other commodity this year.

INDUSTRIAL METALS:

Copper Rises After Bernanke Predicts Economic Growth Will Resume

Copper rose, capping the first weekly gain in a month, as investors took assurance from Federal Reserve Chairman Ben S. Bernankes prediction that growth will resume in the US

Severstal Profit Rises 16% on Steel, Gold Sales, Production (2)

OAO Severstal, Russias second-largest steelmaker by 2010 output, said second-quarter profit climbed 16 percent from the previous three months as steel and gold production rose and sales prices advanced.

MINING:

Cameco Offers to Buy Hathor for C$520 Million to Add Uranium (1)

Cameco Corp., Canadas largest uranium producer, offered to acquire Hathor Exploration Ltd. for C$520 million ($529 million) to add the Roughrider deposit in Saskatchewan.

PRECIOUS METALS:

Gold Rises, Shrinking Weekly Loss as Bernanke Offers No Fed Plan

Gold rose in New York for a second straight day after Federal Reserve Chairman Ben S. Bernanke offered no plan to provide further stimulus for the economy.

AGRICULTURE:

Corn, Soy Gain on Concern Midwest Yields Will Drop; Wheat Climbs

Corn futures rose to an 11-week high, and soybeans jumped to the highest in almost five months on concerns that hot, dry weather in the US Midwest is eroding crop yields. Wheat also gained.

Cattle Climb on Signs of Tightening Beef Supplies; Hogs Steady

Cattle prices rose the most in two weeks as a prolonged drought in the southern US tightened animal inventories, signaling limited beef supplies. Hogs were little changed.

Pro Farmer Sees Smaller US Corn Crop, More Soy Than USDA (1)

US farmers will harvest a smaller corn crop than forecast by the government after unusually wet weather delayed planting and a hot, dry July curtailed kernel filling, the Professional Farmers of America said. Soybean production may exceed the government estimate.

Coffee Jumps to Three-Month High on Supply; Sugar, Cocoa Advance

Coffee rose to a three-month high on signs that global supplies remain tight. Sugar and cocoa advanced.

Canadian Wheat Board Boosts Western Prairies Crop Forecast (1)

Farmers in western Canada may produce 21.3 million metric tons of wheat this year, more than forecast in June and an increase from 2010, Canadian Wheat Board Chief Executive Officer Ian White said.

Cotton Rises as Commodities, Equities Rally; Orange Juice Gains

Tags : Commodity
Categories : Uncategorized