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Corn Drops & Orange-Juice Advances on Supplies; Copper Falls

May 11, 2010 at 20:43 by Vladimir Vyun

Corn futures dropped today after forecast that U.S. corn stockpiles may reach a highest level in five years. Reserve supplies will increase 4.6 percent to 1.818 billion bushels (45.9 million metric tons). July futures for corn delivery slipped $0.015 (0.4 percent) to $3.705 per bushel yesterday on CBoT.

Orange-juice continues to rise on outlook for low fruit supplies from Brazil and Florida. The output in Brazil will total 286 million boxes in the states of Sao Paulo, Minas Gerais and Parana; while Florida expected to produce 131.6 million boxes in the harvest that ends in July. July delivery for orange juice advanced $0.035 (2.5 percent) to $1.4155 per pound as of 10:52 on ICE.

Copper prices fell today for a first time in three sessions on speculation that demand from Europe and China will go down as an economic growth will slow. Increasing inflation may prompt China to cool its economy and European problems aren’t expected to go away even after the unprecedented loan package. July futures for copper delivery slid $0.0315 (1 percent) to $3.1965 per pound by 11:45 on the COMEX in New York.

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