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Record Yield of U.S. Corn; Copper & Sugar Gained

September 11, 2009 at 19:43 by Vladimir Vyun

Yield of the U.S. corn will be 1.5 percent larger than expected a month ago as cool weather in July and August increased prospects for record crops. Output will be 12.954 billion bushels, more than the 12.761 billion forecast last month, the U.S. Department of Agriculture said today in a report. December futures for corn delivery rose $0.055 (1.8 percent) to $3.1525 per bushel yesterday on CBoT.

Copper futures in New York are heading for a weekly gain as the dollar decline and some traders buy commodities to preserve purchasing power. The U.S. Dollar Index dropped 0.4 percent. December futures for copper delivery gained $0.0315 (1.1 percent) to $2.908 per pound by 9:39 on the Comex division of the New York Mercantile Exchange.

Sugar prices rose on speculation that India, the largest consumer in the world, will increase imports to overcome domestic shortage. Sugar output in India may be 15 million metric tons in the year starting October 1st, down from 26.4 million tons previous year. March futures for raw-sugar delivery advanced $0.0025 (or 1.1 percent) to $0.2367 per pound as of 11:03 on ICE Futures U.S. in New York.

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