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Agricultural Commodities Downbeat

May 16, 2013 at 23:17 by Vladimir Vyun

Agricultural commodities were downbeat today. Corn and wheat prices declined today on forecast of improving weather in the United States. Sugar fell on anticipation of rising supply from Brazil and Thailand — two biggest suppliers.

World Weather Inc reported that rains avoided about 75 percent of Midwest. The region may receive precipitation in the next couple of days, but should be mostly dry. This should help to accelerate planting that slowed in cold, wet April.

According to Unica, a sugarcane industry association, millers in Brazil’s center south, the main growing region, crushed 31.5 million tons of cane in the second half of last month, up from 9.4 million tons in the same period a year ago. The Office of Cane and Sugar Board showed that Thailand about 100 million tons of sugar cane by May 15, compared to 98 million tons in the previous year.

July futures for delivery of corn sank as much as $0.0925 (1.42 percent) to $6.4150 per bushel as of 23:11 GMT on CBoT today. Wheat slid $0.06 (0.86 percent) to $6.8775 per bushel. Contract for sugar lost $0.0012 (0.71 percent) to $0.1683 per pound on ICE.

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