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Corn & Cotton Go Up While Cocoa Drops Down

April 6, 2010 at 0:52 by Vladimir Vyun

Corn futures gained as the rising prices for a gasoline caused speculation about an increasing demand for grain-based fuels. The rebound in the U.S. economy has led to expectation that the demand for a fuel will increase. May delivery for corn futures gained $0.0075 (0.2 percent) to $3.4525 per bushel by 10:16 on the Chicago Board of Trade.

Cocoa futures fell in New York on the speculation that candy-makers may cut their purchases until prices will drop. The prices previously have rose on slower exports from Ivory Coast, then later dropped on the outlook for the good harvest. May delivery for cocoa retreated $37 (1.2 percent) to $2,953 per metric ton on ICE.

Cotton futures reached the highest price in more than a week after the weaker dollar spurred the demand for some commodities. The falling greenback and tight supply of the fiber are leading to a fairly strong demand. May delivery for cotton climbed $0.011 (1.3 percent) to $0.826 per pound as of 11:36 on ICE.

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