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Bad Weather Boost Corn, Soybeans & Sugar

April 22, 2011 at 1:16 by Vladimir Vyun

Corn and soybeans advanced on the forecast that the cold, wet weather in the US will diminish harvest. The area from central Arkansas to Detroit will probably receive 20 centimeters of rain over the next 10 days, according to Tim Bowden, a senior meteorologist at Planalytics Inc. Field from Nebraska to northern Indiana will get 10 centimeters of rain. July futures for corn delivery gained $0.04 (0.5 percent) to $7.445 per bushel as of 13:15 on CBoT. July futures for soybean delivery rose $0.205 (1.5 percent) to $13.8975 per bushel.

Expectations of bad weather and increasing demand in Brazil spurred sugar. Frosts may damage crops as El Nina weather pattern weakened. Brazil increased usage of sugar in ethanol production. July contract for raw sugar delivery advanced as much as $0.0027 (1.1 percent) to $0.238 by 14:00 on ICE.

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