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2006-12-14 00:00:00 |
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Global cereal production to come down
NEW DELHI (Commodity Online) -- The food and agriculture organisation (FAO) has cut its previous forecast for 2006 world cereal production by 8 million tonne to 2,013 million tonne on hot, dry weather. The new forecast is 1.6% less than the 2005 output. Continued... |
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Corn ended lower Friday on a stronger dollar, but still posted gains for the week. The market gave back some of its recent gains as it ran into technical resistance. The dollar was the main factor, traders said. |
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U.S wheat futures finished lower Friday on pressure from gains in the U.S. dollar and bearishness about large supplies, traders say. The rising greenback weighed on the grains for the second consecutive day. |
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Soybean futures settled higher Friday, managing to carve out modest gains on the end-of-the-day position evening. |
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| Technical Calls |
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Silver prices could test $16.75 |
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Silver prices could possibly test $16.75 before moving slightly higher later this week. Prices have held above $16.80 over the past two weeks and $16.95 last week, which may be near-term floors. |
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Gold, silver power commodity price movements |
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Commodities prices may do some base building this week, with a bias toward higher prices. Gold, silver, and petroleum all appear set to move somewhat higher in the weeks and months ahead. |
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Gold prices could test $1,140 this week |
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Gold prices could test $1,140 this week, and may even make a run toward $1,160. Gold headed toward $1,140 in the middle of last week, but profit-taking, technical selling, and a strengthening U.S. dollar all weighed on prices during the remainder of |
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| FOREX Reports |
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Outlook : Major currencies vs dollar |
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Fall below 1.3640, though a bearish sign, still holds hope for a rise towards 1.3855or even higher. Crucial support is at 1.3530 and as long as this level remains undisturbed, we favor a rise again towards 1.3800 or even higher. Fall below 1.3520 will force us to abandon our bullish view. |
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US automakers against Yen, Won depreciation |
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.S. automakers urged Congress to challenge Japan and South Korea on the issue of currency devaluation, which influences export prices. South Korea has recently made moves to depreciate the value of the won, while Japanese officials said they were prepared to keep the yen from appreciating |
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Asian currencies fall vs dollar |
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South Korea’s won and the Taiwan dollar dropped Thursday on speculation central banks will seek to limit appreciation that may hurt exports. |
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