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Rains Boost Prices for Cocoa & Wheat, Lower for Soybeans

October 9, 2013 at 3:42 by Vladimir Vyun

Cocoa rallied today on forecasts of rainfall in West Africa. Rains may slow deliveries to ports and this would hurt supply, which is already shrinking. Wheat also rallied on forecast of rains in Russia and snow in Ukraine that may damage crops. December futures for delivery of cocoa rallied $19 (0.7 percent) to $2,718 per metric ton as of 3:25 GMT on ICE today. Contract for wheat advanced $0.0075 (0.11 percent) to $6.9425 per bushel on CBoT.

At the same time, forecasts of rains in Brazil and the United States made soybeans cheaper. Experts predict that favorable weather will boost crops. Rainfall improved planting conditions in Brazil. November futures for delivery of soybeans lost $0.0325 (0.25 percent) to $12.855 per bushel on CBoT.

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

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