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Demand Helps Soybeans Gain, Makes Cotton Cheaper

December 24, 2010 at 1:53 by Vladimir Vyun

Soybeans futures touched the highest level in 28 months as demand in China recovered. According to Grain.gov.cn, China’s December soybean imports may total 5.3 million tons. US exporters sold 827,810 metric tons of soybeans in the week ended December 16th. March futures for soybean delivery advanced $0.2025 (1.5 percent) to $13.60 per bushel by 13:15 on CBoT.

Cotton slumped yet again by the most allowed on ICE, after a drop yesterday, on speculation that India, a biggest producer in the world, will resume its exports. India announced that it’s going to allow exports of 2.5 million bales (1 bale=375 pounds=170 kilograms). Cotton also slid as record prices erased demand. March delivery for cotton tumble by the exchange limit of $0.06 (3.9 percent) to $1.4812 per pound as of 14:30 on ICE.

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