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Advance of Corn, Slump of Wheat & Sugar on Growing Supplies

September 29, 2010 at 23:50 by Vladimir Vyun

Corn futures went up today on speculation that previous slump of prices would increase demand for the grain, used in production of fuel and to feed cattle. US gasoline inventories unexpectedly fell last week, increasing consumption of ethanol and also boosting demand for corn. December futures for corn delivery advanced $0.05 (1 percent) to $5.05 per bushel as of 13:15 on CBoT.

Wheat futures dropped today on forecast that rains in Russia and Eastern Europe would improve soil moisture, helping crops. Previously these regions suffered from dry weather and require more precipitation to recover. December futures for wheat delivery slipped $0.0125 (0.2 percent) to $6.835 per bushel by 13:15 on CBoT.

Sugar declined today on outlook for growing global supplies. India, the second largest producer of sugar in the world, expected to have a surplus of 7.5 million metric tons in the year starting October 1st, compared to 5 million this year. March delivery for raw sugar subtracted $0.0036 (1.4 percent) to $0.2493 per pound at 14:00 on ICE.

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