Free Republic

Why Saudi Arabia's King Wants to Dampen Oil Prices By Bernhard Zand Consumers aren't the only ones being hit by high oil prices. Now that the oil shock has reached producing countries, Saudi Arabia has called a crisis summit this weekend in an effort to find concerted solutions that could push barrel prices down. Others would be overjoyed to be earning a $1 billion a day, and to have good reason to expect that number to climb to $2 billion a day next year. But Abdullah bin Abdulaziz al-Saud seems less than thrilled these days, and the newly tense atmosphere...

Corn hits record, soy rallies as floods expand By Julie Ingwersen and Nigel Hunt Thu Jun 12, 1:39 PM ET Corn prices soared to record highs on Thursday as flooding damaged crop prospects in the U.S. Midwest, heightening concern over shrinking stocks and fueling the market's relentless advance. Torrential rains have swept across the Midwest, the key growing region in the world's top producer, resulting in floods which have destroyed homes, as well as thousands of acres of corn and soybeans. "It's the worst in recent memory, at a time when demand has never been higher," said Gavin Maguire, analyst...

Cargill profits soar as grain prices surge Apr 15, 2008 04:30 AM Cargill Inc., the largest U.S. agricultural company, said fiscal third-quarter profit rose 86 per cent because of surging global demand for fertilizers, grains and food ingredients. Net income climbed to $1.03 billion (U.S.) in the three months ended Feb. 29, from $553 million in the same period a year earlier, Cargill said yesterday in a statement. Cargill, which processes and distributes grains, oilseeds and other agricultural commodities, is benefiting from increasing demand from emerging economies that has pushed prices to records. Wheat futures have soared 93 per cent...

Soybean futures hit 34-year high on strong demand By JACKIE FARWELL, AP Business Writer NEW YORK 12/28/07 ?Soybean futures rose to their highest level in more than 30 years Friday as traders bet on robust exports next year and continued strong demand from China. Gold prices also climbed, boosted by strong oil prices, weak economic data in the U.S., and geopolitical concerns following Thursday’s assassination of Pakistani opposition leader Benazir Bhutto. Other agricultural futures were mixed, while oil prices advanced. U.S. exporters have already sold roughly three-quarters of the soybeans the Agriculture Department predicts for the whole marketing year, which...