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Corn & Wheat Drop on Weather, Sugar Rises on Shipment Delay

June 21, 2011 at 1:27 by Vladimir Vyun

Corn and wheat fell on the forecast that favorable weather will boost yield. Rainfall in the UK and France should boost crops that were already planted, as well as those that will be planted later. Stronger dollar curbed appeal of US commodities and attracted traders to Europe. December futures for corn delivery slid $0.03 (0.5 percent) to $6.57 per bushel as of 10:35 on CBoT.

Sugar reached the highest level in two months on concerns about disruptions of supplies from Brazil. Shipments of Brazilian sugar are expected to be delayed for another 20 or 30 days. October futures for delivery of raw sugar rose $0.0083 (3.3 percent) to $0.2621 per pound by 14:00 on ICE. The price for thee most-traded contract reached touched $0.2631, the highest level since April 12. Futures advanced 3.4 percent last week.

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