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Rising Prices of Wheat & Soybeans, Declining Prices of Sugar

April 30, 2010 at 23:01 by Vladimir Vyun

Wheat futures gained for the second straight day as investors continues to unwind bets on a prices’ decline. The bets on futures’ decline dropped by 12 percent in the week ended April 20th. July futures for wheat delivery gained $0.075 (1.5 percent) to $5.03 per bushel on the Chicago Board of Trade.

Soybeans advanced as a demand for animal feed and cooking oil grew in China, prompting to increase purchases of supplies from the U.S. China purchased 120,000 metric tons of soybeans from the U.S. for arrival before September 1st and 691,000 tons for delivery in 2011 as the government tries to stabilize domestic prices. July futures for soybean delivery advanced $0.03 (0.3 percent) to $9.99 per bushel on CBoT.

Sugar dropped on speculation that a global deficit will be easing with increase of supplies from Brazil, the biggest producer in the world. Mills began processing a record cane crop, boosting production in Brazil’s Center South, the biggest growing region in the world, by 77 percent in the first half of this moth. July delivery for raw sugar dropped $0.0014 (0.9 percent) to $0.1515 per pound on ICE.

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