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Corn & Wheat Down, Soybeans & Sugar Rally

September 6, 2013 at 0:55 by Vladimir Vyun

Corn and wheat slumped today as forecasters predicted rains in parts of the United States. Previously, forecasts were promising drought, driving prices up. Surprisingly enough, soybeans were able to maintain rally. December futures for delivery of corn sank as much as $0.085 (1.81 percent) to $4.61 per bushel as of 23:55 GMT on CBoT today. Contract for wheat lost $0.6 (0.93 percent) to $6.4025 per bushel. At the same time, November soybeans rallied $15 (1.11 percent) to $13,675 per bushel.

Sugar also managed to log gains as forecast for global surplus was revised down. Analysts predict that supply will exceed consumption by 2 million metric tons in the 2013–14 season, down from the previous estimate of 3.9 million tons. The revision was caused by expected rising of demand from China. October futures for delivery of sugar advanced $0.0013 (0.79 percent) to $0.1651 per pound on ICE.

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