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Fall of Corn & Soybeans; Increased Demand for Sugar in India and for Copper in U.S.

August 5, 2009 at 21:52 by Vladimir Vyun

Corn and soybeans dropped today because demand for fuel based on crops fell. As crude oil falls appeal of ethanol made from corn and soybeans-based biodiesel lowers. December delivery for corn dropped $0.135 (3.7 percent) to $3.5225 per bushel as of 12:08 on CBoT. November delivery for soybean fell $0.045 (0.4 percent) to $10.27 per bushel.

Sugar reached three-year high on signs of increasing demand in India today. As poor weather continues India’s imports may jump to 8 million metric tons from a predicted 2.5 million this year. October delivery for raw-sugar went up $0.0005 (0.3 percent) to 19.4 cents per pound by 13:16 on ICE Futures U.S. in New York.

Copper climbed to 10-month high on signs of reviving demand in the U.S. today. Signs of rebound economy such as fewer jobs cut by U.S. employers last month than in June and increase in orders for U.S. manufactured goods 0.4 percent from May cause optimistic outlook for the U.S. economy and demand for industrial commodities. September delivery for copper rose $0.0165 (0.6 percent) to $2.812 per pound on NYMEX.

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