Futures Report: Inflation on the rise on gas | Futures report with Walt Breitinger
Walt Breitinger Times Columnist
The highest inflation rate in more than 10 years was announced Wednesday by the US Department of Labor.
Natural gas, unleaded gasoline, fuel oil, rising wages, new cars, housing costs and groceries were among the factors that pushed the September consumer price index up by. 5.4% compared to last year’s inflation estimate.
Liquid fuels catch fire
Although all energy prices rose, liquid fuels, such as unleaded gasoline, diesel and crude oil delivered in November, were the main drivers.
The November unleaded was up about 9 cents per gallon to $ 2.47 from last Friday’s close. Unleaded futures prices do not include taxes and freight charges.
‘Peddle’ to metal
Precious metals traders quickly spotted the trend and grabbed their share of the stock on Wednesday morning and continued to source on Thursday.
Friday, however, saw the sell-off and strong rally collapse, leaving gold just $ 6 more on the week.
Friday at noon, December gold was trading at $ 1,768, while December silver was trading at $ 23.34 an ounce.
Corn pops late, soy sags but bounces back
The USDA on Tuesday estimated that the 2021 corn and bean crop size was larger than expected, stalling any strength seen in our agricultural sector.