Crude Oil supplies up in US

NEW YORK: The U.S. Department of Energy (DOE) said that crude oil supplies were up 2.4 million barrels to 316.1 million barrels.

Supplies of gasoline were down 3.2 million barrels and heating oil supplies were up 700,000 barrels. June crude oil was up .23 at $118.30.

The DOE also said that refinery use jumped up from 81.4% to 85.6% of capacity last week. Over the past four weeks, gasoline demand was up .9% from a year ago while distillate demand was up .5% from a year ago. June reformulated gasoline closed up 3.23 cents at another new contract high of $3.0424.

Grains
July wheat fell 34.5 cents to $8.315, the lowest close in over three months, helped by reports of good growing weather in the world's wheat regions.

Livestock
Japan suspended imports from National Beef after a shipment of beef was found to contain a spinal column, against Japan's trade rules. June cattle closed up .77 anyway, at 92.87, the highest close in over a month.

June hogs jumped up 1.75 cents to 75.42, the highest close in seven weeks. Pork production has been running high this year, but exports have been stronger than anticipated, helped by the weak dollar.

Lumber
July lumber was down $2.60 at another new contract low of $233.90, plagued by ongoing weakness in the U.S. housing market.

Orange juice
July orange juice closed up 4.55 cents at $1.1955, blamed on bargain-hunting.

Currencies
Statistics Canada reported that retail sales totaled C$35.5 billion in February, down .7% on the month and weaker than expected. The June Canadian dollar fell .88 to 98.25 after the Bank of Canada reduced the interest rate yesterday from 3.50% to 3.00%.

An index of industrial new orders for the Euro area 15 was up .6% in February. Also, an index of services increased from 51.6 to 51.8 in March, better than expected. The June euro was down 1.05 cents at $1.5859.

Australia's Bureau of Statistics said that the consumer price index was up 4.2% in the first quarter from a year ago, increasing expectations for another rise in the interest rate. The June Australian dollar closed up .48 at a new contract high of 94.32.