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Softs Climb as Threat of Fiscal Cliff Ends, Orange Juice Drops

January 3, 2013 at 0:30 by Vladimir Vyun

Agricultural commodities, including cotton, cocoa, coffee, and sugar, rallied after US politicians made up a deal that will help to avoid the so-called fiscal cliff. Markets were overjoyed to hear such news after a long time of uncertainty and fear. The Standard & Poor’s GSCI Spot Index of commodities climbed as much as 1.6 percent.

Orange juice did not join the rally as a forecast promised favorable weather in Brazil. Previously, prices were rising as colds were expected. Now the premium comes away on predictions of warm weather.

Cotton futures for delivery in March rallied $0.0022 (0.29 percent) to $75.36 per pound on ICE. Cocoa advanced $23.00 (1.03 percent) to $2,259.00 per metric ton, Arabica coffee climbed as much as $0.0560 (3.89 percent) to $1.4940 per pound and raw sugar jumped $0.0018 (0.92 percent) to $19.69 per pound. At the same time, contract for orange juice slipped $0.0075 (0.64 percent) to $1.1660 per pound.

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