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Corn & Wheat Lose Value, Prices for Sugar Rise

May 15, 2014 at 0:01 by Vladimir Vyun

Prices for wheat and corn dropped today. Wheat declined, extending its biggest drop in almost five months, on signs that there are enough reserves to meet demand. The US Department of Agriculture projected that global inventories should rise 0.5 percent to 187.4 million metric tons by June 1, 2015. Corn fell on the forecast of favorable weather in the United States. July futures for wheat sank as much as $0.1900 (2.68 percent) to $6.9025 per bushel as of 23:52 GMT on CBoT today. Corn lost $0.0725 (1.44 percent) to $4.9550 per bushel.

Meanwhile, prices for sugar went up on speculations that supply from Brazil’s Center South, the biggest growing region, should drop. Analysts estimated that output may drop by 3.2 percent to 33.2 million metric tons this year. This means that world supply will miss demand by 3 million tons. Contract for sugar gained $0.0045 (2.53 percent) to $0.1825 per bushel on ICE today.

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

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