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Gains of Soybeans & Wheat on Higher Demand, Sugar Falls

October 5, 2010 at 22:59 by Vladimir Vyun

Wheat futures gained today for the first time in seven sessions after the dollar weakened, making US exports cheaper and more attractive to overseas traders. The dollar fell today to the lowest level since January versus the basket of six major currencies. December futures for wheat delivery gained $0.1625 (2.5 percent) to $6.635 per bushel by 13:15 on CBoT.

Soybeans also benefited from an increasing demand for US supplies, rising to the highest level in a week. US exporters sold 225,000 metric tons to China, the biggest buyer in the world, and 20,000 tons of soybean oil was sold to Egypt. November futures for Soybean delivery went up $0.1775 (1.7 percent) to $10.7175 per bushel as of 13:15 on CBoT.

Sugar price reached the highest level in a week too on outlook for lower yield of cane in Brazil, the largest grower. Brazil estimated to harvest 639 million metric tons of sugar cane in the year started May 1st, 3.2 percent down from an April forecast. March delivery for raw sugar added $0.0075 (3.3 percent) to $0.2374 per pound at 14:00 on ICE.

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

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