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CHICAGO (AP) — Agriculture futures traded higher Thursday on the Chicago Board of Trade. Wheat for July delivery added 22. Beef futures traded mixed and pork futures traded lower on the Chicago Mercantile Exchange. Copyright © 2008 The Associated Press. read more

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Major energy consumers – refiners, airlines – buy and sell these contracts to lock in goods at a future price, as a hedge against volatility. The political theory is that such futures trading is creating a bubble in the spot market (i. A provision inserted in legislation in 2000 exempted certain oil contract exchanges where transactions were made via computer and telephone, rather than on a trading floor, from regulations that govern other exchange-traded commodities. But Congress ended that practice as part of its most recent farm bill, and there’s no evidence that “over the counter” trading has caused the increase in oil prices. For instance, the global futures market of London-based Intercontinental Exchange is regulated by the U. read more

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Taiwan parliament gives initial nod for futures transaction tax cut – Forbes. TAIPEI (XFN-ASIA) – The parliament’s financial committee has approved a statutory revision that would allow a cut in tax on futures trades, according to the Taiwan Futures Exchange. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. Neither the Subscriber nor Thomson Financial News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by Thomson Financial News and its third party content providers for your personal information only, and neither Thomson Financial News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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The only news associated with such a price move was the announcement from Iraq that ExxonMobil, Shell, BP and Total have signed tentative production agreements giving these companies a head start in an oil production province that could still hold out potentially large gains both for themselves and for world oil supplies. The pricing pattern over the various delivery years now has crude oil falling from the present cash price high, reaching a low price of $132. Unless there is an announcement of new oil supplies heading into production and to markets it is likely that crude prices might actually become more volatile after the meeting; a case of the other shoe hitting the floor. China’s announcement that it will reduce government subsidies for petro-leum products will not slow oil demand growth very much, because it allows refiners to pass through more of their costs, which will increase crude demand. With last week’s US gas in storage down slightly from last year and the five year average, natural gas futures contract prices broke out of their backwardation pattern, as prices above and below the nearby and cash delivery price are seen in the back months in an undulating pattern. read more

Technorati Tags: oil, demand, prices, announcement, crude, price, news

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