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Advance of Wheat, Cocoa & Cotton

March 22, 2010 at 20:44 by Vladimir Vyun

Wheat prices went up as some traders are planning to unwind bets on falling prices. Government report said that hedge-fund managers and other large speculators increased their net-short positions by as much as 17 percent in the week ended on March 16th. May futures for wheat delivery went up $0.0575 (1.2 percent) to $4.895 per bushel as of 10:21 on CBoT.

Cocoa futures gained as U.K. pound, used to trade cocoa in London, rose, boosting the attractiveness of contracts traded in New York. Earlier the commodity slid on speculation about increasing production in Ivory Coast. Some analysts think that, without the support of the strong pound or threat of adverse weather in Ivory Coast, cocoa may drop to $2,650 this week. May futures for cocoa delivery gained $25 (0.9 percent) to $2,859 per metric ton by 11:51 on ICE Futures U.S. in New York.

Cotton futures advanced in New York on concern that farmers in the U.S. won’t plant enough this year to meet demand. Analysts say that prices are not high enough to encourage more plating. May delivery for cotton advanced $0.0055 (0.7 percent) to $0.8273 per pound at 12:19 on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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