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I would agree that there were huge manipulations in oil price. 60 minutes did an episode and said about 60%-70% of the trading desk on future oil commodities were done in-large part by large insitutitions (ie, mutual funds, pension funds, trading desk, hedge funds). There were trading 27 barrel on oil futures vs 1 barrell of actual delivery. Oil price had to go down as these investors "flee" the oil futures to meet "margin" requirements due to credit crunch. It sounds simply, but that how pretty much what happened.
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Got debt?
www.mo-moneyman.com -
We do not "control" the price of corn. It is traded on the Kansas city board of trade or the Chicago board of trade just like other commodities are. Prices were in the $8 - $9 range this summer and are now below $4. How much has the price of corn flakes gone down?Comment
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And I'm still paying $8-$9/50 lb for feed at our co-op. Corn hasn't come down that much.Originally posted by cptacek View PostComment
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Barrel of oil is $33 now.
But gasoline prices have gone up. Now at $1.99 here.Comment
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Wow, Still $1.27 here. I teach with the station owner though and she says the price of gas will go back up whether oil does or not according to her sources.Comment
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It is $3.45 at our Co-op right now (1/20) if you are selling it:Originally posted by mommyof4 View Post
United Ag Service
$3.83 on the CBOT.
I don't know what it is if you buy it from them. We got a delivery of milo the other day to feed our calves. There was so much other stuff in it (oats, corn, wheat as well as milo) in it I asked DH if we could dock them for foreign material. They sure as heck dock us for foreign material when we deliver!Comment
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Some great discussion here and actually picked up a thing or two. I realise it is unrelated however our petrol prices have fallen below 83p for unleaded.
This is a welcome break in tough ecconomic times, but i too see oil hitting $60 before the close of 2009. Worrying times should the ecconomy not imporvoe quicklyComment
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