Gold Breaks $900 Mark: Corn, Wheat Hit Daily Limits Within Minutes Of Opening, Soybeans Above $13

[hatrack]

New York - The gold price rose above 900 dollars per fine ounce for the first time in New York on Friday. The metal hit a high of 900.10 dollars up 6.50 dollars from the Thursday before falling slightly on Friday to 898.70 dollars at midday. Gold recently broke a record set in 1980 of 850 dollars per fine ounce.

EDIT

http://www.earthtimes.org/articles/show/172375.html


CHICAGO (Dow Jones) -- U.S. grain futures exploded Friday on surprising government crop data that renewed fears about tight supplies and re-ignited a battle for acreage among corn, soybeans and wheat, analysts said.

Chicago Board of Trade corn futures hit fresh 12-year highs on the U.S. Department of Agriculture's January crop reports, while most-active CBOT March soybeans climbed above $13.00 a bushel for the first time. U.S. wheat futures soared to daily, exchange-imposed limits at the open of trading.

The USDA pegged 2007-08 U.S. corn ending stocks and quarterly grain stocks well below trade estimates. Last year's corn crop also turned out smaller than expected, the USDA said. Seedings of winter wheat, particularly hard red winter wheat traded at the Kansas City Board of Trade, were also lower-than-expected. "USDA issued a very bullish stocks report today," said Bill Nelson, associate vice president of AG Edwards & Sons, in a market comment. "The lower corn stocks essentially demand a couple million more acres of 2008 corn plantings versus previous views."

EDIT

Grain traders also were "shocked" by lower-than-expected 2008 winter wheat seedings, analysts said. Traders had been expecting a strong increase in acreage as U.S. wheat futures in 2007 rallied to record highs. The USDA put 2008-09 all winter wheat seedings at 46.610 million acres, well below the average analyst estimate of 48.657 million. Hard red winter wheat seedings were seen at 32.5 million, down from 32.94 million in 2007.

EDIT

http://www.smartmoney.com/bn/smw/index.cfm?story=20080111011758

[GliderGuider]

1. OK, is anyone else getting nervous right about now?

Omens and portents, boys and girls. Signals and signs. :scared:

[hatrack]

3. But as long as there's no inflation, we're A-OK, right?

Right?

[GliderGuider]

5. A-OK!

:thumbsup:

[tom_paine]

7. Nope. As long as there's NFL Football and we can get pizza delivered within 30 minutes

we're A-OK.

:thumbsup: :thumbsup:

[phantom power]

4. I've been nervous since circa 2004.

Well, actually I've almost always been nervous about something. Except maybe for a temporary hiatus during my mid-twenties, which I like to refer to as my "wired magazine" phase.

[GliderGuider]

6. I call that hiatus my "wired" phase. It reduced my anxiety too.

"Whaddaya mean there's a real world out there? Naaaaah. Can't be. Here, try one of these..."

[Kelvin Mace]

2. As always

the price of gold is a nonsense number.

Gold is currently trading for about 40% of what it traded for in 1980 when you adjust for inflation. When gold hits $2200 an ounce, then that will be a story.

[alittlelark]

8. We pulled $$ out of the US market over a year ago and are doing very well.

But it is so sad watching this train wreck.