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Decline of Sugar & Wheat Futures, Advance of Soybeans

March 11, 2010 at 0:33 by Vladimir Vyun

Sugar futures dropped to a lowest in seven months in New York as production rose in Brazil and India, the largest producers in the world. India’s production will reach 16.8 million metric tons in the year ending September 30th, while output in Brazil more than doubled in the second half of February from a year earlier. Traders are holding their purchases in hopes for further price decline. May futures for sugar delivery fell $0.0063 (3.1 percent) to $0.1969 per pound on ICE Futures U.S.

Soybeans advanced to a highest in a week as China bought supplies from the U.S. exporters and after the report that stockpiles will be smaller than predicted. China bought 110,000 metric tons for delivery in the year beginning September 1st, signaling that appeal of the U.S. supplies persist despite the record harvest in South America. Inventories will be 190 million bushels on August 31st, down from 210 million forecasted in February. May futures for soybean delivery gained $0.105 (1.1 percent) to $9.58 per bushel on CBoT.

Wheat futures slid to a monthly low on speculation that inventories in the U.S., the greatest exporter in the world, will increase. Stockpiles will reach as much as 1.001 billion bushels on May 31st, up from a February forecast of 981 million bushels, while consumption for food, livestock feed and exports will be 1 percent less than predicted in the previous month. May futures for wheat delivery declined $0.08 (1.6 percent) to $4.815 per bushel on the Chicago Board of Trade.

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