Natural gas spot prices fall at most locations. After prices rose in trading last Thursday, with forecasts of warmer temperatures and a three-day holiday weekend, prices across the country fell on Friday.
Big export sales boosted the corn market. Despite the negative export implications of the ongoing U.S. dollar surge, corn futures rallied in response to today’s weekly USDA Export Sales report. The 2.185 million tonne total was the largest result since early January 2008, which highlights its sheer size and says good things about export demand. March corn bounced 1.25 cents to $3.85/bushel late Friday morning, while July rose 1.5 to $4.0075.
On a national level, the main reason cited for movements in gasoline prices is often changing crude oil prices. Crude oil acquisition is the main cost in producing gasoline, and changes in crude oil prices, along with changes in gasoline market conditions, drive changes in spot and retail gasoline prices.
The surging dollar sank the crop markets Thursday morning. The European Central Bank announced that it will follow the U.S. Fed’s recent policy of Quantitative Easing (buying huge quantities of EU government bonds) in an effort to boost European economies.