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Coffee, Soybeans & Sugar Gain on Growing Demand

May 27, 2010 at 3:19 by Vladimir Vyun

Coffee futures jumped today on signs of declining global supplies. Vietnam exports of coffee in the previous month were 10 percent less than predicted. Output from El Salvador expected to be 1.075 million bags in the year ending September 30th, compare to previous forecasts of 1.52 million. July delivery for Arabica coffee jumped $0.0095 (0.7 percent) to $1.337 per pound on ICE Futures U.S. in New York.

Sugar gained in New York on amid growing demand and as buyers increase inventories. Unfavorable weather in Brazil and India in the previous year caused supplies to decline and sparked speculations about possible deficit if the sweetener. July delivery for raw sugar gained $0.0011 (0.7 percent) to $0.1536 per pound on ICE.

Soybeans advanced on speculation that European debt crisis will be outweighed by growing demand for food and livestock feed from China. China plans to import 46 million metric tons in the year that ends October 1st and may import as much as 49 million next year. July futures for soybean delivery advanced $0.075 (0.8 percent) to $9.38 per bushel on CBoT.

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