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Corn, Soybeans & Wheat Advance; Will Rubber Prices Fall?

February 16, 2010 at 22:43 by Vladimir Vyun

Corn and soybeans gained today as farmers slowed sales after a price drop earlier this year. Drop in sales have led to decline of supplies for export and for producing fuel, animal feed and food. May futures for corn delivery added $0.0575 (1.5 percent) to $3.79 per bushel by 10:44 on the Chicago Board of Trade. March futures for soybean delivery rose $0.18 (1.9 percent) to $9.63 per bushel.

Wheat prices rose on outlook that demand for U.S. supplies will advance as the dollar falls. A weak dollar spurs the purchasing capability of overseas traders of U.S. grain and increases the attractiveness of commodities as an inflation hedge. March futures for wheat delivery gained $0.205 (4.2 percent) to $5.07 per bushel as of 11:01 on CBoT.

Rubber prices may slide 17 percent this year in Shanghai as pace of price increase exceeds demand growth in China, the biggest buyer in the world. Futures also fell on speculation that China’s slow economic growth may cause demand for rubber to go down. July delivery for rubber rose 1 percent to 286.9 yen per kilogram ($3,195 per ton) on the Tokyo Commodity Exchange.

If you have any questions and comments on the commodities today, use the form below to reply.

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