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Demand for Corn & Sugar Rises, Prices Goes Up

June 14, 2010 at 20:39 by Vladimir Vyun

Sugar prices advanced today as importers replenish stockpiles and after the weaker dollar has increased attractiveness of commodities. World sugar inventories have fell 27 million tons in the past two seasons. The U.S. currency dropped 1.3 percent versus the basket of six major currencies. October delivery for raw sugar rose $0.0007 (0.4 percent) to $0.1591 per pound by 10:58 on ICE Futures U.S. in New York.

Corn gained today amid speculations about rising demand in China and the U.S. China has purchased 120,000 metric tons of corn in the U.S. today. U.S. ethanol industry expected to use 4.7 billion bushels of corn in 2011. July futures for corn delivery added $0.0275 (0.7 percent) to $3.7375 per bushel as of 11:40 on CBoT.

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