On the other side of the world, Australia’s main eastern agricultural state of New South Wales is now 60% in drought, says Michael Byrnes for Reuters. The estimated wheat crop has been slashed as a result.
- PowerShares DB Agriculture (DBA): holds futures for corn, wheat, soybeans and sugar
- ELEMENTS Rogers International Commodity Agriculture ETN (RJA): up 10.4% year-to-date; seeks to replicate an index of agricultural commodity futures contracts, including soybeans, corn, oats, rice and wheat.
- E-TRACS UBS Bloomberg CMCI Agriculture Index ETN (UAG): up 8.7% since April 4 inception; seeks to replicate an index that represents the value of a range of agricultural commodity futures contracts, among them wheat, corn and soybeans.
In another commodities news, oil keeps on chugging past new highs. Today, it’s within spitting distance of $140 a barrel, John Wilen for the Associated Press reports. That’s despite Saudi Arabia’s recent promise that it was going to step up production.
Gas also hit a new record, up to $4.08 a gallon.
Naturally, oil and gas ETFs are responding well to these developments: