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Smaller Harvest Forecasts Boost Corn, Soybeans & Sugar

August 13, 2013 at 3:12 by Vladimir Vyun

Corn and soybeans rallied today as forecasters predict smaller harvest than was previously estimated. The US Department of Agriculture said that farmers will gather 3.26 billion bushels in 2013, down from the previous forecast of 3.42 billion. Soybean output will total 13.763 billion bushels this year, below the earlier estimate of 13.95 billion.

Sugar futures also rallied on smaller production. According to Unica, sugar’s production in Brazil’s Center South declined 15 percent to 2.53 million metric tons from a year ago.

All in all, the revisions were not good for prospects of this year’s yield. And this was supportive for prices of the agricultural commodities.

December futures for corn rallied $0.0075 (0.16 percent) to $4.6475 per bushel as of 3:10 GMT on CBoT today. November contract for soybeans advanced $0.0775 (0.63 percent) to $12.33 per bushel. October sugar added $0.0018 (1.06 percent) to $0.1716 per bushel on ICE.

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