Many are hoping that the panic for dollars will end soon and the U.S. dollar index did trade lower early this morning. However, it didn't last long and the December U.S. dollar index finished up .12 at a new contract high of 88.415. The September eurodollars were down .135 at 97.98.
After the currency trading pits closed this afternoon, the dollar traded lower and the December S&P 500 closed up 43.70 at 792.00, partly due to news that Tim Geithner will be the next Secretary of the Treasury (see Five Star Article in the third column).
Metals The World Gold Council said that world gold demand totaled 1,133 tons in the third quarter of 2008, up 18% from a year ago. February gold jumped up $43.00 to $792.40, the highest close in a month.
Yesterday, the International Copper Study Group said that world copper production exceeded use by 125,000 tons in August. In the first eight months of 2008, world copper production outweighed use by 75,000 tons, up from a surplus of 22,000 tons a year ago. March copper ended down .0010 at $1.5790.
READ: Gold could be $900 next weekGrains and Cotton
March corn fell 27 cents to $3.53, the lowest close in over a year, hurt by the ongoing financial crisis and talk of increased chances for rain in Argentina. March wheat closed down 15 cents at $5.16, also the lowest in over a year.
March cotton finished up 1.89 cents at 41.80, helped by bargain-hunting after prices closed at a new contract low yesterday.
Livestock
Cattle may trade higher on Monday. After the close, the USDA said that there were 10.972 million head of cattle on feed as of November 1st, down 6.8% from a year ago and less than expected. October placements were down 11% and marketings were down 3% from a year ago. February cattle gave back part of yesterday's big gain and closed down 1.02 at 85.50 ahead of this afternoon's report.
After the close, the USDA estimated this week's beef production at 494.8 million pounds, up 6.8% from a year ago. Pork production was estimated at 477.2 million pounds, up 15.9% from a year ago. February hogs were down .57 at 64.10 after yesterday's big gain.
After the close, the USDA said that there were 22.7 million pounds of frozen bellies in storage on October 31st, up 12% from a year ago and more than expected. Frozen pork totaled 513 million pounds, up 4% from a year ago, but less than expected.
Orange juice After the close, the USDA said that there were 1.09 billion pounds of frozen orange juice concentrate in storage as of October 31st, up 86% from a year ago. March orange juice ended down .10 at 81.10.
Energies February crude oil ended up .55 at $50.96 after a rough week of deflation.
Currencies Japan's Cabinet Office said in today's monthly report that the economy has weakened again for the second month. The Bank of Japan met, kept the interest rate at .30%, and said that they will consider adding funds to the economy to help improve liquidity. Also, Japan's Finance Minister let it be known that he may consider intervening to bring the yen down from "undesirable" levels. The December yen closed down .0059 at 1.0520.
A composite index of manufacturing and services in the Euro area 15 fell from 43.6 to a record low 39.7 in November, a sign of increased contraction. The December euro ended down .0004 at $1.2496.
Statistics Canada said that consumer prices were up 2.6% in October from a year ago, down from a 3.4% annual gain in September and less than expected.
Insee reported that consumer spending in France was down .4% in October.
